Petrol and diesel prices rose to their highest levels in the country on Sunday, as fuel rates were raised by 35 paise per liter. As per a price notice from the state-owned fuel retailers, the price of petrol in Delhi climbed to its highest-ever level of Rs 105.84 per liter and Rs 111.77 per liter in Mumbai. Diesel currently costs Rs 102.52 per liter in Mumbai and Rs 94.57 per liter in Delhi. This is the fourth day in a row that fuel and diesel prices have risen by 35 paise per liter. On the 12th and 13th of October, there was no change in rates.
Diesel prices have risen 19 times in the previous 23 days, with the retail price in Delhi rising by Rs 5.95 per liter. Diesel prices have risen dramatically, and it is now accessible in some regions of the nation for more than Rs. 100 per liter. This dubious title was formerly accessible to fuel that has recently exceeded the Rs 100 per liter level across the country. Since September 5, gasoline prices have been stable, but last week, oil firms hiked pump prices. Petrol prices have also climbed in 16 of the preceding 19 days, increasing by Rs 4.65 per liter at the pump.
Before making any pricing adjustments, OMCs wanted to keep a close eye on the worldwide oil situation. This is why gasoline prices have remained unchanged for the past three weeks. However, the severe volatility in global oil prices has forced OMCs to implement the hike. Crude oil prices have been surging, reaching above Rs 84.6 per liter, a three-year high. The price of gasoline and diesel on the international market has increased by about Rs 9-10 per liter since September 5, when both prices were updated, compared to August average prices.
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