Although international oil rates slump, petrol, diesel gets costlier today | Business Upturn

Although international oil rates slump, petrol, diesel gets costlier today

On Thursday, a surge in the auto fuel rates continue to be unabated for the 37th time in 66 days.

Pump prices of petrol and diesel have moved in the opposite direction even though the International oil prices have fallen sharply over 5.5% in the last 3 days and with fuel retailers raising the petrol price by 35 paise per litre along with diesel by 9 paise on Thursday, a surge in the auto fuel rates continue to be unabated for the 37th time in 66 days, according to a report released by The Hindustan Times.

A day after the results of the five assembly polls was declared, since 4th May, by ₹10.16 per litre and ₹8.89 a litre, petrol and diesel have been made costlier by the latest revision of India’s domestic fuel rates. In New, Delhi petrol is now priced at ₹100.56 per litre and diesel at ₹89.62 per litre.

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Due to variations in state taxes along with local levies, retail prices of the two fuels differ from place to place, while fuel rates of the state-run Indian Oil Corporation (IOC) in Delhi are the benchmark for the entire country. On Wednesday, the petrol prices already crossed the ₹100 per litre mark in four metros which include Bangalore, Kolkata, Mumbai, Chennai and Delhi.

₹106.59 is the cost of litre petrol in the financial capital of India with diesel at ₹97.18 a litre, while in Rajasthan’s Ganganagar, the highest fuel rates have been recorded where pumps are selling petrol at ₹111.87 per litre and diesel at ₹102.87 a litre. After an inconclusive meeting of the producer’s cartel, the International crude oil prices tumbled.