Fuel prices in the country are growing rapidly owing to crude oil price hikes in the international market. The price of petrol has risen by 30 paise a litre for seven days in a row, while diesel has risen by 35 paise, the longest rate rise in history.

Moreover, petrol and diesel costs have surpassed Rs 100 per litre in several states, squeezing the average man’s purse. Prices vary per state, based on the presence of local taxes. After fuel prices were raised again recently, Mumbai became the first metropolitan city in the country to witness diesel prices cross the Rs 100 per litre level.

Multiple cities in the country have the same cost of petrol and diesel with a price of more than Rs 100 per litre. As per the latest reports on fuel prices, Delhi, Maharashtra, Tamil Nadu, West Bengal and some cities in Bihar are among the states in which petrol and diesel prices have crossed the Rs 100 mark with current prices like petrol price in Delhi Rs 104.79 per litre, Rs 110.75 in Mumbai, Rs 105.44 in Kolkata, and Rs 102.10 in Chennai.

Coming to the latest price of diesel, it now costs Rs 93.52 per litre in Delhi, Rs 101.40 in Mumbai, Rs 96.63 in Kolkata, and Rs 97.93 in Chennai. Because the worldwide benchmark Brent crude has risen to more than $83 a barrel following OPEC’s decision not to increase supply by more than 0.4 million barrels per day, fuel prices have risen by a greater proportion.

As India is a net importer of oil, it charges world prices for petrol and diesel. Rates of petrol and diesel are to be reviewed and changed on a daily basis by Indian Oil, Bharat Petroleum, and Hindustan Petroleum, according to the pricing formula adopted by them.

The new pricing goes into effect at 6:00 AM daily. The daily assessment and modification of pricing are based on the average price of benchmark oil in the worldwide market over the previous 15 days, as well as foreign currency rates.

Update Source: NDTV