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Petrol, diesel prices on October 14: Fuels rates at record highs after fresh hike – Moneycontrol

Petrol, diesel prices today: In Mumbai, the petrol price hit a fresh all-time high to retail at Rs 110.75 a litre.

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Petrol, diesel prices were hiked across metros on October 14, according to a price notification of state-owned fuel retailers.

With the latest hike, petrol now costs Rs 104.79 in Delhi up from Rs 104.44 per litre. Diesel rates, too, touched a record high of Rs 93.52 per litre on October 14.

In Mumbai, the petrol price hit a fresh all-time high to retail at Rs 110.75 a litre. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.

Diesel price also rose to Rs 101.40 per litre in Maharashtra’s capital.

The fuel prices were hike in Kolkata too, where a litre of petrol and diesel now cost Rs 105.43 per litre and Rs 96.63 per litre, respectively.

In Chennai, people have to shell out Rs 102.10 for a litre of petrol, while diese costs Rs 97.93 per litre in Tamil Nadu’s capital.

Petrol and diesel prices differ from state to state depending on the incidence of local taxes.

Shedding its modest price change policy, state-owned fuel retailers have started passing on the larger incidence of cost to consumers. This is because the international benchmark Brent crude has soared to over USD 82 per barrel after the decision by OPEC+ not to increase output more than 0.4 million barrels per day, fuel rates are being increased by a larger proportion.

The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel. Since then, diesel rates have gone up by Rs 3.5 paise per litre and petrol price has increased by Rs 2.35.

Prior to the July/August price cuts, 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.

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