Petrol, diesel price hike rally continues amid festive season

Petrol and diesel prices continue to rise amid the festive season. On Sunday, oil marketing companies have increased the price of motor fuels for the sixth consecutive day. Petrol price was hiked by 30 paise per litre and diesel by 35 paise a litre.

Petrol and diesel prices have surged by 30 paise and 35 paise for four consecutive days.
Petrol and diesel prices have surged by 30 paise and 35 paise for four consecutive days.

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With the latest hike, both the motor fuels have reached new price bars. Petrol price in Delhi is 104.14 per litre, while diesel costs 92.82 in the national capital. Mumbai is selling petrol at the highest rates among all metro cities in India. Petrol in the business hub of India costs 110.12 per litre, while diesel costs 100.66 for a litre.

In Kolkata, a litre of petrol and diesel now cost 104.80, whereas diesel is being sold at 95.93. In Chennai, petrol price has been hiked to 101.53 and diesel is being retailed at 97.26.

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This is among the biggest price hike rallies for both petrol and diesel rates, resulting in the largest retail rate incidence for the consumers. For four days in a row, petrol and diesel rates have been increased by 30 paise and 35 paise respectively.

The latest series of price hikes for motor fuels come on the back of the soaring price of crude oil in the international market. Brent crude price has increased to $82 per barrel after the group of oil-producing countries, OPEC has decided not to increase the volume of oil production by more than 0.4 million barrels per day. This has caused a price surge in the international market. India is dependent on the import as 85 per cent of its total fuel demand comes from overseas markets.

The surging price of petrol and diesel is not only impacting motorists but non-motorists as well. This is causing increased transportation costs and eventually resulting in a higher price for consumer goods as well. The auto industry too is feeling the heat due to the surging price of motor fuels.

First Published Date: 10 Oct 2021, 09:29 AM IST
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