Petrol prices were increased for the seventh consecutive day on Tuesday but the cost of diesel remained unchanged, reported The Indian Express. Petrol prices were hiked by 35 paise in Delhi and Mumbai.
After the revision, petrol cost Rs 110.04 in Delhi and diesel Rs 98.42 per litre. Petrol is now being sold at Rs 115.85 in Mumbai and diesel Rs 106.62 a litre.
In Kolkata, petrol price rose to Rs 110.49 per litre, while diesel costs Rs 101.56. In Chennai, petrol rates went up to Rs 106.66 a litre, and diesel to Rs 102.59.
Petrol now costs 33.22% more than the price at which aviation turbine fuel is sold to airlines, reported NDTV. The aviation turbine fuel in the national Capital is priced at Rs 82,638.79 per kilo litre or about Rs 82.63 a litre.
Fuel prices vary in 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.
Petrol has crossed the Rs 100 per litre mark in most of the major cities of the country. Diesel has breached the Rs 100-mark in more than 18 states and Union Territories.
India depends on imports to meet 85% of its oil needs. Thus, a rise in international oil prices directly influences national fuel rates.
On Tuesday, the price of Brent crude rose to $85.19 (Rs 6,363.48) per barrel, as of 12.40 pm (Indian Standard Time). 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 trade of crude oil supply.