Fuel Prices Soar Again In India; Petrol, Diesel Priced At Highest Ever Level

While petrol price in most of the country is already above Rs 100-a-litre mark, diesel rates have crossed that level in a dozen states, including Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Chhattisgarh, Bihar, Kerala, Karnataka and Leh.

Prices differ from state to state depending on the incidence of local taxes.

Shedding the modest price change policy, state-owned fuel retailers have since October 6 started passing on the larger incidence of cost to consumers.

This is because the international benchmark Brent crude is trading at USD 84.61 per barrel for the first time in seven years.

A month back, Brent was trading at USD 73.51.

Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.

The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel.

Since then, diesel rates have gone up by Rs 5.25 per litre and petrol price has increased by Rs 4.25.

Before that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs 9.14 during this period. (With PTI inputs)