Fuel prices were hiked again on Sunday, October 17 for the fourth consecutive day, mainly due to surging global crude oil prices. In the national capital, petrol prices were hiked by 35 paise from Rs 105.49 per litre to Rs 105.84 per litre, while diesel rates were also hiked by 35 paise from Rs 94.22 to Rs 94.57 according to Indian Oil Corporation.
Interestingly, petrol now costs 33 per cent more than the price at which aviation turbine fuel (ATF) is sold to airlines. ATF in Delhi costs Rs 79,020.16 per kilo litre or Rs 79 per litre.
In Mumbai, the petrol prices were hiked by 34 paise to Rs 111.77 per litre, and diesel was also hiked by 37 paise to Rs 102.52 per litre. Petrol prices in Chennai crossed the Rs 103 per litre mark after being raised by 31 paise to reach Rs 103.01 per litre.
However petrol prices are still the lowest in the southern city. Among the four metro cities, fuel rates are the highest in Mumbai, according to the state-run oil refiner. Fuel rates vary across the states due to value-added tax or VAT.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
On Friday, October 15, oil prices settled at a three-year high above $85 a barrel, boosted by forecasts of a supply deficit in the next few months as the easing of Covid-related restrictions spurred demand.
Information credits to NDTV.
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