Petrol prices were hiked by 30 paise for every litre and diesel 35 paise per litre on Saturday, as per a price notification by state-owned fuel retailers. Diesel prices in Mumbai crossed the Rs 100- mark on Saturday. This made Mumbai the first metro city in the country to register diesel prices at the mentioned mark.
Diesel in Mumbai now costs Rs 100.29/ litre, the same fuel in Delhi costs Rs 92.46/litre. Petrol prices in Delhi rose to a record high of Rs 103.84/litre and Rs 109.83/litre in Mumbai. Prices vary in states as per the incidence of local taxes.
Prices of petrol have seen multiple hikes by 30 paise for every litre and 35 paise for every litre for diesel in the past four days.
News agency PTI states, shedding the modest price change policy, state-owned fuel retailers have since Wednesday started passing on the larger incidence of cost to consumers. International benchmark Brent crude soared over $82/barrel following OPEC+ decision to not increase output more than 0.4 million barrels/day.
India depends on oil imports to meet about 85 per cent of its domestic oil needs. Therefore, the international prices of crude oil have a significant bearing on the economy.