Prices of petrol and diesel rose again for the fifth day in a row, hitting a fresh record high. In the national capital, petrol price rose 30 paise per litre and diesel was hiked by 35 paise per litre. The prices of petrol and diesel have crossed the Rs 100 per litre mark in many states, pinching the common man’s pocket.In Delhi, petrol is retailing at Rs 103.84 per litre and diesel is available at Rs 92.47 per litre after the latest price revision. On the other hand, in India’s financial capital, Mumbai, petrol became costlier by 29 paise per litre and its rate stands at Rs 109.83, the highest across all the four metro cities. Diesel costs Rs 100.29 for one litre in Mumbai, a hike of 37 paise.Similarly, in Chennai, petrol price was increased by 26 paise per litre and is retailing at Rs 101.27 and diesel can be bought at Rs 96.93 per litre, an increase of 33 paise. The rates of petrol and diesel stand at Rs 104.52 and Rs 95.58 per litre in Kolkata, respectively. The fuel rates went up a record high on Saturday across the country after the latest revision by the state-run oil marketing companies (OMCs).Fuel rates hiked for fifth consecutive dayThere has been a constant rise in the prices of petrol and diesel for the past four days and the rates are soaring at an all-time high. The prices of petrol and diesel remained steady on October 4, 2021 but saw a hike after that.Since September 24, the diesel rate has increased by Rs 3.80 a litre. Meanwhile, since September 28, the petrol rate saw a hike of Rs 2.70 per litre. In Madhya Pradesh’s Bhopal, petrol is now priced at Rs 112.38 a litre and diesel at Rs 101.54 a litre.Between May 4 and July 17, the petrol price went up by Rs 11.44 a litre and diesel rate increased by Rs 9.14 during this period. Petrol has surpassed the Rs 100-mark in Madhya Pradesh, Rajasthan, Maharashtra, Telangana, Karnataka, Bihar, Jammu and Kashmir and Delhi-NCR regions.The fuel rates vary from state to state and also in cities, depending on the incidence of local taxes like value-added tax (VAT) and freight charges. According to reports, Rajasthan levies the highest VAT in the country, followed by Maharashtra and Madhya Pradesh.Petrol and diesel prices depend on various factors like valuation of INR against USD, the consumption ratio of refineries and demand for fuel in our country. The fuel prices are revised by oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on international prices in the preceding 15 days and foreign stock exchange.
