Fuel prices at all-time high; branded petrol crosses ₹100-mark in Rajasthan
Branded or premium petrol price crossed ₹100-mark in Sriganganagar town of Rajasthan as petrol and diesel prices were hiked on Wednesday for the second consecutive day.
Petrol and diesel prices were raised by 25 paise per litre each across the country on Wednesday, according to a price notification from oil marketing companies.
This took petrol price in Delhi to ₹86.30 per litre and to ₹92.86 in Mumbai.
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Diesel rate climbed to ₹76.23 a litre in the national capital and to ₹83.03 per litre in Mumbai, the price data showed.
Fuel prices, which vary from state to state depending on local sales tax or VAT, are now at record high levels in the country.
In Sriganganagar, regular petrol costs ₹98.40 per litre and premium or branded petrol comes for ₹101.15 a litre.
Branded petrol in Delhi comes for ₹89.10 a litre and for ₹95.61 in Mumbai.
The main difference between regular and premium fuel grades is the octane number. Regular fuel has a lower octane number -- 87, while Premium fuel generally gets a 91 octane rating or higher.
Octane number is a measure of the ignition quality of fuel - higher the number, the less susceptible is the fuel to 'knocking' when burnt in a standard engine.
Petrol and diesel prices were on Tuesday raised by 35 paise per litre each.
Top oil explorer Saudi Arabia pledging additional voluntary output cuts and demand returning from the rollout of coronavirus vaccines has led to a surge in international oil prices.
State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6, resumed daily price revision after nearly a month-long hiatus.
Since then, rates have gone up by ₹2.59 a litre on petrol and ₹2.61 in case of diesel.
Prior to the current high crude prices triggered the price hikes this month, fuel prices had last touched record high on October 4, 2018. At that time the government had cut excise duty on petrol and diesel by ₹1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.
This time, there are no indications of a duty cut so far.
Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.
