Diesel crosses Rs 100 mark in Mumbai, fuel prices up again

By: |
October 09, 2021 2:36 PM

Mumbai on Saturday became the first metro city in the country to see diesel prices cross the Rs 100 per litre mark after fuel prices were hiked again.

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

Mumbai on Saturday became the first metro city in the country to see diesel prices cross the Rs 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 Rs 100.29 a litre; while in Delhi, it costs Rs 92.47.

The price of petrol in Delhi rose to its highest-ever level of Rs 103.84 a litre and Rs 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 USD 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 USD 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 Rs 3.85 paise per litre and petrol price has increased by Rs 2.65.

Prior to the July/August price cuts, 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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1UP notifies stock limits for edible oils; other states to impose curbs soon: Centre
2Gold prices to trade sideways, support at 47200, silver outperforms yellow metal; watch out for these levels
3Edible oils: Centre holds meeting with states on Monday to review action on stock holding order