Petrol and diesel prices hiked for third consecutive day, hit fresh highs

0

Petrol and diesel price today: Petrol and diesel prices continued their upward move and touched new record highs after they were hiked for the third successive day across the country on Friday, October 22, 2021. In the national capital, both petrol and diesel rates were risen by 35 paise each.

Following the latest price revision, petrol in Delhi is now retailing at Rs 106.89 a litre while diesel is selling at Rs 95.62. In the financial capital Mumbai, petrol price now stands at Rs 112.78 while diesel costs Rs 103.63, data available on Indian Oil Corporation’s website showed.

Petrol has already breached the Rs 100-per-litre mark in all major cities of the country while diesel has touched the three-figure level in over 12 states and is inching towards that mark in places such as Srinagar and Chennai. Currently, diesel is selling at Rs 99.52 per litre in Srinagar, while it costs Rs 99.92 in Chennai, the Indian Oil data showed.

In India, the fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.

The OMCs revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

In the international market, oil prices fell on Friday with Brent on track for its first weekly dip in seven weeks as demand for oil products in power generation cooled off amid easing coal and gas prices, while a forecast for a mild US winter also weighed on the market, Reuters reported.

Brent crude futures dropped 48 cents (0.6 per cent) to $84.13 a barrel at 0502 GMT, extending a $1.21 slump in the previous session. Brent touched a three-year high of $86.10 on Thursday but was on track to slip 0.8 per cent in the week, the first weekly dip since September 3. US West Texas Intermediate (WTI) crude futures fell 37 cents (0.5 per cent) to $82.13 a barrel, following a 92-cent loss on Thursday, the report said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here