Prices of petrol and diesel are skyrocketing as rates were hiked again on October 5. Prices are soared to Rs 25 paise for petrol and Rs 30 paise for diesel per litre.

In Delhi, the price of petrol was recorded to its highest ever level of Rs 102.64 a litre and to Rs 108.67 in Mumbai. This data was according to a price notification of state-owned fuel retailers.

Rate of diesel touched Rs 91.07 per litre in Delhi and Rs 98.80 per litre Mumbai. Prices of fuel depend on the incidences of local tax and differ from state to state.

In Kolkata, now people will pay Rs 103.36 per litre for petrol whereas for diesel, it is Rs 94.17 per litre. Chennai people will have to pay Rs 100.23 for one litre of petrol and Rs 95.59 for one litre of diesel.

The price hikes were followed by soaring prices of International oil. The prices hiked to nearly three-year high. This happened because global output disruptions forced energy companies to extract more crude oil from their stockpile. 

  Daily Price revisions were resumed by the state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corp Limited(HPCL) and Bharat Petroleum Corp Limited(BPCL) on September 24. Global benchmark for crude, Brent oil price is trading above $78 per Barrel.

In July, International Oil rates fell down and consequently, retail prices of petrol and diesel in the Delhi market were also reduced. For petrol, it was reduced by Rs 0.65 per litre and for diesel it was Rs 1.25 per litre.

Oil prices are at 7 years high after the Organization of the Petroleum countries (OPEC) and allied oil producing countries agreed to add only 400,000 barrels per day in November. It is their gradual approach to restore output slashed during the pandemic.