Fuel prices go up for seventh straight day; petrol crosses Rs 110 per litre mark in Mumbai

Fuel prices were hiked for the seventh consecutive day on Monday, as petrol prices went up by 30 paise, while diesel rates rose by 35 paise-37 paise. Fuel rates were also hiked on October 10 (Sunday). Petrol and diesel rates were last kept unchanged on October 5 (Monday).

After the recent upward revision in prices, petrol is selling for Rs 104.44 per litre in Delhi, while diesel is available for Rs 93.17 per litre.

Petrol surpassed the Rs 110 per litre-mark in Mumbai to settle at Rs 110.41 per litre, while diesel costs Rs 101.03 per litre in India’s financial capital.

A litre of petrol is priced at Rs 105.09 in Kolkata whereas diesel costs Rs 96.28 per litre. Petrol is inching closer towards the Rs 102 per litre-mark in Chennai and currently sells at Rs 101.79 per litre. Diesel, on the other hand, costs Rs 97.59 per litre in the city.

Petrol, diesel prices across major cities on October 11, 2021

State-backed oil marketing companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) -- revise petrol and diesel rates on a daily basis by factoring in value-added tax (VAT) levied on fuel across different states, freight charges, average price of benchmark fuel in the international market in the past 15 days and foreign exchange rate.

Global oil prices

Oil prices went up on Monday due to the growing demand as economies recover from the coronavirus pandemic. While Brent crude shot up by 81 cents or 1 per cent to $83.20 per barrel, US oil was up by $1.15 or 1.5 per cent to $80.50 per barrel.
“We think crude prices will struggle to climb much higher this quarter and still forecast them to gradually drop next year,” Caroline Bain, chief commodities analyst at Capital Economics, was quoted as saying by news agency Reuters.

Edited by Mehak Agarwal

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