Mumbai on Saturday became the first metro city in the country to see diesel prices cross the ₹100 per litre mark after fuel prices were hiked again. Petrol price was hiked by 30 paise per litre and diesel by 35 paise a litre, according to a price notification of state-owned fuel retailers.
The fifth straight day of price hike pushed fuel rates to a new record high.
In Mumbai, diesel now comes for ₹100.29 a litre; while in Delhi, it costs ₹92.47.
The price of petrol in Delhi rose to its highest-ever level of ₹103.84 a litre and ₹109.83 per litre in Mumbai, the notification showed.
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 Wednesday started passing on the larger incidence of cost to consumers. For four days in a row, the price of petrol has been hiked by 30 paise a litre and diesel by 35 paise, the biggest rally in rates.
This is because the international benchmark Brent crude has soared to over $82 per barrel after the decision by OPEC+ not to increase output more than 0.4 million barrels per day, fuel rates are being increased by a larger proportion.
A month ago, Brent was around $72 per barrel.
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 ₹3.85 paise per litre and petrol price has increased by ₹2.65.
Prior to the July/August price cuts, the petrol price was increased by ₹11.44 a litre between May 4 and July 17. Diesel rate had gone up by ₹9.14 during this period.
