Tatsat Chronicle Magazine

Fuel prices have reached an all-time high; diesel in Mumbai has surpassed the 100-mark

The price of petrol was increased by 30 paise per litre, and the price of diesel was increased by 35 paise per litre

On Saturday, gasoline and diesel prices were raised across the country, reaching new highs in numerous states. Petrol prices were increased by 30 paise per litre and diesel prices by 35 paise per litre, arguably the highest rate increase in history. Fuel prices have risen for the seventh day in a row. According to a price statement from state-owned gasoline merchants, the price of petrol has risen to its highest-ever level of Rs 103.84 per litre in Delhi, while it is retailing at Rs 109.54 per litre in Mumbai. In Delhi, diesel prices reached a new high of Rs 92.47 per litre, while in Mumbai, prices crossed Rs 100 per litre. In the city, a litre of petrol costs Rs 100.29.

In Kolkata, a litre of gasoline costs Rs 104.52, while a litre of diesel costs Rs 95.58. In Chennai, the price of petrol has increased to Rs 101.27 per litre, while the price of diesel has increased to Rs 96.93 per litre. Prices vary by state, based on the amount of local taxes levied. State-owned fuel merchants have begun passing on the greater incidence of cost to consumers starting Wednesday, abandoning their mild price change strategy. The price of petrol has risen by 30 paise a litre for three days in a row, and the price of diesel has risen by 35 paise a litre, marking the largest surge in rates.

Because the international benchmark Brent crude has risen to above USD 82 per barrel as a result of OPEC+’s resolution not to increase output by more than 0.4 million barrels per day, fuel prices have risen by a greater percentage. Brent was around $72 per barrel a month ago. Because India is a net importer of oil, it charges world prices for gasoline and diesel. On September 28 for gasoline and September 24 for diesel, a three-week respite in rates was broken by a spike in worldwide oil prices.

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