Petrol, diesel prices rally to highest ever levels. Here’s how much fuel costs now

Oil marketing companies have once again hiked fuel prices today, taking petrol and diesel prices to their highest ever levels across the country. This is the 14th time that petrol price has been hiked in two weeks, while diesel rates have gone up on 17 times in three weeks.

Both petrol and diesel prices raised by 35 paise in Delhi to Rs 105.14 and Rs 93.87 respectively. In Mumbai, diesel prices jumped to Rs 101.78 from Rs 101.40 while petrol prices hiked by 34 paise to Rs 111.09 in the financial capital of India.

There was no change in rates on October 12 and 13.

While petrol price in most of the country is already above Rs 100-a-litre mark, diesel rates have crossed that level in a dozen states including Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Chattisgarh, Bihar, Kerala, Karnataka and Leh.

Prices differ from state to state depending on the incidence of local taxes.

Shedding the modest price change policy, state-owned fuel retailers have since October 6 started passing on the larger incidence of cost to consumers.

This is because the international benchmark Brent crude has jumped to near USD 84 per barrel for the first time in seven years.

On September 13, Brent was trading at USD 73.51.

Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.

The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel.

Since then, diesel rates have gone up by Rs 4.9 per litre and petrol price has increased by Rs 3.9.

Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs 9.14 during this period.