Petrol and diesel soared to an all-time high as rates spiked after international oil prices scaled their highest level since 2014. Petrol prices hiked by 25 paise for every litre whereas diesel went up 30 paise for every litre, as per a price notification of state-owned fuel retailers on Tuesday.
Prices of petrol in Delhi reached its highest-ever level at Rs 102.64 for every litre and Rs 108.67 for every litre in Mumbai. Diesel peaked at its record-high of Rs 91.07 for every litre in Delhi and Rs 98.80/litre in Mumbai. Prices differ based on the incidence of local taxes in states.
Global oil prices reached a near seven-year high after OPEC+ decided to maintain its planned gradual supply increase despite the market facing an energy crunch.
Brent soared to $81.51 for every barrel, while West Texas Intermediate rose to USD 77.76 a barrel.
However, with no respite from surging international prices, oil manufacturing companies have started to increase the retail selling price of petrol and diesel with effect from September 28 and September 24 respectively.
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.
(With inputs from PTI)