Gasoline and diesel prices hit new records across the country on Sunday after rates were again hiked by 25 paise and 30 paise per liter, respectively.
The price of gasoline in Delhi has reached its highest level ??102.39 per liter and ??108.43 in Mumbai, according to a price notification from state-owned fuel retailers.
Diesel rates also hit a record high of ??90.77 in Delhi and ??98.48 per liter in Bombay.
In Kolkata, gasoline is available at ??103.07 and diesel at ??93.87 per liter and in Chennai you have to pay ??100.01 for a liter of gasoline and ??95.31 for a liter of diesel.
Prices differ from state to state depending on the incidence of local taxes.
The price hike follows international oil prices soaring nearly three years ago, as global production disruptions forced energy companies to remove more crude from their inventories.
The basket of crude oil imported by India has averaged $ 78 a barrel in recent days.
Fourth consecutive daily price hike has pushed gasoline prices above ??100 in most major cities across the country.
Likewise, the eighth price hike in ten days pushed diesel prices above ??100 points in several cities of Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh and Telangana.
State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) resumed daily price revisions on September 24 after international oil prices approached their all-time high for three years. Global benchmark Brent crude is trading above $ 78 per barrel.
In eight price increases since September 24, diesel prices have increased by ??2.15 paise per liter. The price of gasoline increased by 1.25 re per liter in five increments.
When international oil prices fell in July and August, retail gasoline and diesel prices in the Delhi market were reduced by ??0.65 and ??1.25 per liter.
Previously, the price of gasoline had been increased by ??11.44 per liter between May 4 and July 17. The price of diesel has increased by ??9.14 during this period.
India depends on imports to meet nearly 85 percent of its oil needs and therefore compares local fuel prices to international oil prices.
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