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Petrol, diesel prices on October 15: Fuel rates at record highs after fresh hike

Petrol, diesel prices today: In Mumbai, the petrol price hit a fresh all-time high to retail at Rs 111.09/litre

Petrol, diesel prices were hiked for the second straight day across metros on October 15, according to a price notification of state-owned fuel retailers.

With the latest hike, petrol is now costlier by Rs 0.35 paise for petrol in Delhi, taking the cost to Rs 105.14 per litre. Diesel now costs Rs 93.87 after a price hike of Rs 0.35 paise.

In Mumbai, petrol is now priced at Rs 111.09/litre. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.

Diesel price also rose to Rs 101.78/litre in Maharashtra’s capital city.

Petrol now costs Rs 105.76 in Kolkata, and diesel is Rs 96.98 in West Bengal’s capital; while in Chennai the fuels are Rs 102.40 and Rs 98.26 respectively.

Petrol and diesel prices differ from state to state depending on the incidence of local taxes.

Shedding its modest price change policy, state-owned fuel retailers have started passing on the larger incidence of cost to consumers. 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.

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 3.5 paise per litre and petrol price has increased by Rs 2.35.

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.

This is the 14th time that petrol price has been hiked in two weeks, while in the last three weeks diesel prices have gone up 17 times. Petrol is now mostly above the Rs 100/litre mark in most areas of the country.