In the national capital, petrol and diesel were raised by Rs 0.35 to Rs 104.79 per litre and Rs 93.52 per litre, respectively. While in India’s financial capital, Mumbai, petrol rates were hiked by Rs 0.34 to Rs 110.75 per litre, and diesel by Rs 0.37 to Rs 101.4 per litre.
Petrol maintained stability since September 5, but oil companies finally raised the pump prices last week. The price pause on Wednesday came after fuel prices rose consistently for the past seven days taking the rates to all-time highs.
OMCs had preferred to maintain their prices amid the global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
Crude price has been on a surge rising over three year high level of over $ 83.5 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August