Petrol price hiked by Rs 1.25, Diesel costlier by Rs 2.15 in last 10 days

Petrol and diesel prices were today kept unchanged by oil marketing companies. The comes after fuel rates have touched all-time high levels across the country. Petrol price in Delhi on Monday is at its highest-ever level of Rs 102.39 per litre.

Diesel rates too touched a record high of Rs 90.77 in the national capital. Petrol price has soared to record high of Rs 108.43 per litre in Mumbai. The diesel will cost you Rs 98.48 in the Maharashtra capital.

On Sunday, Petrol price for the third straight day was hiked by 25 paise a litre and diesel by 30 paise, PTI reported quoting a price notification of state-owned fuel retailers.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) resumed daily price revisions on September 24 after international oil prices neared a three-year high. Global benchmark Brent crude is trading above USD 78 per barrel, PTI reported.

In eight price increases since September 24, diesel rates have gone up by 2.15 paise per litre. Petrol price has increased by Rs 1.25 per litre in five instalments last week, the PTI report says.

When international oil rates fell in July and August, retail prices of petrol and diesel in the Delhi market were reduced by Rs 0.65 and Rs 1.25 per litre. Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs 9.14 during this period, according to PTI.

However, top government officials insisted oil companies haven't passed on the entire increase warranted from international oil and gas rising to three-year highs and have ensured UK-like situation of pumps going dry isnt seen anywhere in India, according to the PTI report.

Petroleum Secretary Tarun Kapoor said oil companies are taking their own decision on aligning retail rates with the cost but they are ensuring extreme volatility is avoided, PTI reported.

International prices of petrol, against which local rates are benchmarked, have risen from USD 85.10 per barrel to USD 87.11 in just one day while diesel has gone up from USD 85.95 a barrel to USD 87.27, PTI report said.