The fuel prices in India have witnessed a steady rise for the fifth day in a row with the petrol price being hiked up by 30 paise per litre while diesel prices saw a rise of 35 paise per litre on Saturday, October 9.
According to state-owned fuel retailers, the price of petrol has touched a record high in both Delhi and Mumbai with the current rate standing at Rs.103.84 a litre in Delhi and Rs.109.54 a litre in Mumbai. Diesel price today has also risen to a record high of Rs.92.47 in Delhi while it has crossed the Rs.100 mark in Mumbai, set at Rs. 100.29 on Saturday.
The sharp rise in fuel prices has occurred due to the climbing international benchmark Brent Crude, which is used to price over three-quarters of the world’s traded oil. It had soared over $82 dollars a barrel owing to a decision made by OPEC+ to not raise the daily output of 400,000 barrels, despite the surging demands as the economy recovers from the COVID-19 pandemic.
India being mostly an importer of oil, has been hard hit by the lack of supply to cool down a demanding market, leading to a steep increase in oil prices starting from last month.
Since Wednesday, earlier this week, state-owned fuel prices have relinquished their moderate price change policy and started passing on the burden of ascending cost of fuel onto the consumers, ensuing a three-day streek of hike in fuel price, with petrol being increased by 30 paise a litre and diesel prices by 35 paise a litre every day.
While the fuel prices differ from state to state due to the incidence of local taxes, the overall price has risen in almost all the regions of the country. Other prominent cities such as Kolkata saw petrol price at Rs.104.52 and diesel being sold at Rs.95.58. Meanwhile, petrol price in Chennai has also crossed the Rs.100 mark, standing at Rs. 101.27 on Saturday.