On Saturday, gasoline and diesel prices rose again by 35 baisas per liter to push retail prices across the country to new highs. With this rise, the price of gasoline has now reached 100 rupees per liter or more in all state capitals, while diesel has touched the level of 100 in dozens of states. Diesel approaches the 100 rupee liter mark in Goa and Bengaluru.
Petrol price in Delhi rose to an all-time high of Rs 105.49 per liter and Rs 111.43 per liter in Mumbai, according to a price notification for state-owned fuel retailers. In Mumbai, diesel now comes in at Rs 102.15 per liter; While in Delhi, it costs 94.22 rupees.
This is the third day in a row that petrol and diesel prices have risen by 35 pounds per liter. There was no price change on October 12 and 13. Since a three-week long pause in price revisions ended in the last week of September, this was the 15th increase in gasoline prices and the 18th time that diesel prices had risen.
While the price of petrol in most of the country is already above the Rs 100 mark per liter, diesel prices have crossed that level in a dozen states/UT including Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Chhattisgarh, Bihar, Kerala, Karnataka and Ladakh. In Panaji, diesel now costs Rs 99.56 per liter while in Bengaluru it goes for Rs 99.97 per liter and Silvasa for Rs 99.86.
Prices vary from state to state depending on the occurrence of local taxes. By getting rid of the modest price change policy, state-owned retailers since October 6 have begun to pass on the greater cost to consumers.
This is because international benchmark Brent crude is trading at $84.8 per barrel for the first time in seven years. A month ago, Brent crude was trading at $73.51.
Being a net importer of oil, India prices petrol and diesel at prices equivalent to world prices. Rising global oil prices ended a three-week gap in gasoline prices on September 28 and September 24 for diesel.
Since then, diesel prices have increased by Rs 5.6 per liter and petrol has increased by Rs 4.30 per liter. Prior to that, the price of petrol rose by Rs 11.44 per liter between May 4 and July 17. Diesel price increased by Rs 9.14 per liter during this period.