Petrol and diesel price hiked again after a two days, touches new all-time high

After a gap of two days, the oil companies have once again hiked prices of petrol and diesel today. Both fuel prices received a steep hike of around 35 paise per litre on Thursday.

The latest hike has taken the price of petrol and diesel to new all-time high across India. Petrol price today in Delhi will cost ₹104.79 a litre while diesel price today has reached ₹93.52 per litre.

Petrol price in Mumbai today has reached a new high of ₹110.75 for a litre while diesel price too has shot well past the three-figure mark at ₹101.40 per litre.

Petrol price in Kolkata today has gone up to ₹105.43 per litre while diesel prices still remain under the ₹100 mark at 96.63 for one litre.

Petrol price in Chennai today is at ₹102.10 a litre while diesel will cost ₹97.93, according to the Indian Oil Corporation.

On Tuesday, the petrol and diesel price hikes were paused for the first time after seven days of continuous increase in prices by oil marketing companies. The pause in fuel price hike rally came after a rise in motor fuel prices since last month with seven days of consistent rise until Monday.

The recent spate of hikes has been attributed largely to the increasing price of crude oil in the international market. The price of per barrel crude in the international market has increased from $72 per barrel around last month by $10 now as OPEC+ decided not to increase the production of crude oil. This large proportional fuel rate hike has impacted domestic motor fuel prices.

Around 85 per cent of the total fuel demand in India is met with imports from overseas countries. Thus, changes in the international crude oil market affects the domestic fuel costs in the country.