The price of one litre of petrol rose to Rs 104.14 in Delhi on Sunday after a 30-paise hike. The diesel price rose by 35 paise per litre, pushing the cost of the fuel in the city to Rs 92.82.
This is the highest that petrol has ever cost in the national Capital, according to PTI.
In Mumbai, the price of petrol went up to Rs 110.12 per litre. The diesel price in the city rose to Rs 100.66.
The petrol price in Chennai stood at Rs 101.53 a litre on Sunday. Diesel now costs Rs 97.26 in the city. In Kolkata, the prices of petrol and diesel were Rs 104.80 and Rs 95.93.
One litre of petrol now costs more than Rs 100 in almost all state capitals, PTI reported. Diesel is priced above Rs 100 in Mumbai, Hyderabad, Gujarat’s capital Gandhinagar, Chhattisgarh’s Raipur, Rajasthan’s Jaipur and Madhya Pradesh’s Bhopal.
Fuel prices vary from states to states due to different value-added tax and freight charges. Oil companies revise the fuel prices on the basis of the cost of benchmark fuel in the international market and foreign exchange rates.
On Friday, the Brent crude futures rose 0.5% to end at $82.39 (approximately Rs 6,190) per barrel, according to Reuters.
Brent is a global price benchmark for the crude oils from the Atlantic basin. It is used to set the price of two-thirds of the world’s crude oil trade supplies.
India depends on imports to meet 85% of its oil needs. Thus, a rise in international oil prices directly influences national fuel rates.