Fuel prices have shot up on 22 October for the third straight day. While diesel rates have risen by 31 paise - 35 paise, petrol rates have gone up by 33 paise - 37 paise. Fuel rates were last hiked on 21 October. Prior to this, fuel prices were kept unchanged on 18 October and 19 October.
After the recent increase in prices, petrol is inching closer to the Rs 107 per litre mark and is currently selling for Rs 106.89 per litre in Delhi. Diesel is selling for Rs 95.62 per litre in the national capital for the same. Petrol is now 35.3 per cent cheaper in Delhi than aviation turbine fuel ATF sold to airlines. 16 per kilo litre or approximately Rs 79 per litre in the national capital.
Petrol is reaching closer to Rs 113 per litre mark and is currently selling for Rs 112.78 per litre in Mumbai. Diesel now costs Rs 103.63 per litre in India s financial capital. In Chennai, petrol costs Rs 103.92 per litre while diesel is priced at Rs 99.92 per litre.
Petrol and diesel cost Rs 107.44 per litre and Rs 98.73 per litre in Kolkata respectively. Petrol and diesel are the most expensive in Bhopal and Jaipur among the major Indian cities today. Petrol is priced at Rs 115.54 per litre and diesel is being sold for Rs 104.89 per litre in Bhopal. A litre of petrol is sold for Rs 114.11 per litre whereas diesel is sold for Rs 105.34 per litre in Jaipur.
State-backed oil marketing companies OMCs Indian Oil Corporation Limited IOCL Bharat Petroleum Corporation Limited BPCL and Hindustan Petroleum Corporation Limited HPCL revise petrol and diesel rates daily by factoring in value-added tax VAT levied on fuel across different states, freight charges, average price of benchmark fuel in the international market in the past 15 days and foreign exchange rate. These revisions become effective from 6 am in the morning every day.
Oil prices rose on Friday on continued supply constraints from the US, but were headed for a flat finish on the week as coal and gas prices eased, curbing fuel-switching which had stoked demand for oil products for power.
Oil and gas market reached multi-year highs earlier this week due to fears about coal and gas shortages in China, India and Europe. Weaker natural gas and coal prices would have taken some of the support for the oil market, ING commodities strategists said in a note.
While Brent crude went up 24 cents or 0.3 per cent to $84.85 per barrel, US West Texas Intermediate WTI climbed 20 cents or 0.2 per cent to $82.70 per barrel.
Also read: Fuel rates today: Petrol costs 33% more than ATF in Bhopal; reaches Rs 115.27 per litre in Delhi.
Also read: Fuel prices today: Petrol crosses Rs 106 per litre in Mumbai, Rs 112 per litre in Delhi.