Price of a litre of diesel crossed ₹99 in Mumbai on Wednesday, an all time high, and was selling at ₹99.17 a litre, while price of one litre of petrol inched closer to ₹109 mark at retail fuel outlets in the city following an increase of 37 paise and 29 paise/litre respectively. On Tuesday, before the hike, one litre of petrol was priced at ₹108.67 while a litre of diesel was available at ₹98.80 in Mumbai.
In Thane, a litre of petrol was available at ₹109.10 and a litre of diesel was priced at ₹99.31 following the hike on Wednesday. In Maharashtra’s Parbhani, a litre of petrol was being sold at ₹111.52 and in Amravati, diesel was available at ₹100.72 a litre.
Petrol and Diesel prices were hiked on Tuesday, sending retail rates to all-time high levels, with a substantial increase expected in coming days as international oil prices touched seven-year high.
State-owned fuel retailers have in the past few days resorted to modest increases to align domestic rates with cost. But with international benchmark Brent crude soaring to 82.37 $ a barrel as a result of the decision by OPEC+ not to increase output more than 0.4 million barrels per day, fuel rates are likely to rise even further.