According to a price notification, state-owned fuel retailers have raised the price of petrol in Delhi to 101.64 rupees per liter and in Mumbai to 107.71 rupees per liter. Diesel prices per liter have risen to 89.87 rupees in Delhi and 97.52 rupees in Mumbai.
Prices differ between states due to the presence or absence of state and local taxes.
After a three-week hiatus, gasoline prices have risen for the second time, and diesel prices have risen for the fifth time.
As a result of the increase, gas prices at the pump have reached or are approaching all-time highs. In July, the price of gasoline in Delhi and Mumbai reached record highs of 101.84 rupees per liter and 107.83 rupees per liter, respectively. Diesel prices in Delhi reached an all-time high of Rs. 89.87 per liter as a result of the increase in the same month.
The price of oil has risen to a three-year high, with Brent crude oil, the global benchmark, trading at USD 78.64 per barrel.
Global interest rates have risen sharply since September 5, prompting the state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) to resume daily price revisions on September 24.
Since September 24, five price increases have raised diesel prices by 1.25 pence per liter, canceling out all price decreases from July 18 to September 5.
This week, Diesel prices increased by 50 cents per liter in two installments
The price of diesel was last raised on July 15th. The price of gasoline increased again on July 17th.
Crude oil prices have nearly tripled in the last three years as global output disruptions force energy companies to use more crude oil from their stockpile.
In July and August, retail prices of gasoline and diesel in Delhi fell by 0.65 and 1.25 cents per liter, respectively, as international oil prices fell.
Before that, the price of gasoline increased by 11.44 cents per liter from May 4 to July 17. During this time, the price of diesel had risen by 9.14 percent.
During this time period, gasoline prices surpassed $100 per liter in more than half of the country, while diesel prices surpassed that mark in at least three states.
Because of its reliance on imported oil, India bases its domestic fuel prices on international oil prices.
