Petrol and diesel prices hiked again by 35 paise for fifth consecutive day across the country

Petrol and diesel prices rallied to their highest ever levels across the country, as rates were hiked again for the fifth consecutive day on Sunday.

Accordingly, the pump price of petrol in Delhi rose by 35 paise to its highest-ever level of Rs 107.59 a litre while diesel prices also rose by the same margin to Rs 96.32 a litre, according to a price notification of state-owned fuel retailers.

In the financial capital Mumbai, petrol prices have now risen to Rs 113.47 per litre while diesel to Rs 104.47 a litre, the highest among all metros.

The fuel prices remained static on Monday and Tuesday but had risen for four straight days by 35 paise per litre previously before again rising for five consecutive days between Wednesday and Sunday. There was no change in rates on October 12 and 13.

Diesel prices have increased 24 out of the last 30 days taking up its retail price by Rs 7.80 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised the pump prices last week. Petrol prices have also risen on 21 of the previous 26 days taking up its pump price by Rs 6.40 per litre.

Crude prices have been on a surge rising over a three year high level of over $ 85.5 a barrel now as global demand remains firm while OPEC+ continues to move slowly on increasing production. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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