After rallying for five consecutive days till Sunday, prices of petrol and diesel were kept unchanged for the second straight day on Tuesday, October 26, 2021. On Sunday, petrol and diesel rates were hiked by 35 paise per litre each in the national capital.

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On Sunday, oil marketing firms raised the price of petrol and diesel for the fifth day in a row and touched an all-time high across the country. Petrol costs Rs 107.59 a litre in Delhi today, while diesel costs Rs 96.32 per litre.

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The fuel prices are revised daily by Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL) in accordance with benchmark worldwide prices and foreign exchange rates.

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Mumbai’s petrol price remains the highest among metro cities, at Rs 113.46 a litre. Diesel costs Rs 104.38 per litre in the country’s financial centre. The pricing difference between Delhi and Mumbai is due to varying local VAT rates in each city.

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The costs of petrol and diesel are determined by freight expenses, municipal taxes, and VAT. Petrol prices have surpassed Rs 100 per litre in Delhi, Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu & Kashmir, Odisha, Tamil Nadu, Ladakh, and certain Bihar and Punjab cities.

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State-owned fuel retailers have begun passing on the higher incidence of cost to customers beginning October 6, abandoning the moderate price rise strategy.

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In early trade, the 30-share index, Sensex was 318.7 points, or 0.52%, higher at 61,285.75. Likewise, the Nifty rose 93.75 points, or 0.52%, to 18,219.15. In other Asian markets, Shanghai, Tokyo, and Seoul were all up in mid-session trade, while Hong Kong was down. In the overnight session, stock markets in the United States closed on a strong note.

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Brent crude, the international oil benchmark, increased 0.15 % to USD 85.30 per barrel. In early trade, the rupee rises 5 paise to 75.03 against the US dollar.