Petrol, Diesel prices hiked again, at fresh all-time highs

Mangalore Today News Network / NDTV

New Delhi, Oct 21, 2021: Fuel prices continue to rise for the second straight day on Thursday, October 21, to hit fresh all-time highs following a surge in global crude oil rates. The rates were kept unchanged for two days before. In the national capital, petrol and diesel rates soared 35 paise to cost ₹ 106.54 and ₹ 95.27 per litre respectively after the latest hike, according to Indian Oil Corporation.

 

Petrol now costs around 35 per cent more than the price at which aviation turbine fuel (ATF or jet fuel) is sold to airlines. ATF in Delhi costs ₹ 79,020.16 per kilo litre or roughly ₹ 79 per litre.

In Mumbai, a litre of petrol now costs ₹ 112.44, and diesel is sold at ₹ 103.26 per litre. Petrol prices in Chennai breached the ₹ 103 per litre-mark and is currently sold at ₹ 103.61 per litre; while diesel rates stood at ₹ 99.59. Among the four metro cities, fuel rates are the highest in Mumbai, according to the state-run oil refiner. Fuel rates vary across the states due to value-added tax or VAT.

State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.Globally, oil prices climbed and were near multi-year highs as an energy supply crunch continued across the globe. Brent crude rose 0.21 per cent to $86.04 a barrel. U.S. West Texas Intermediate (WTI) futures rose 1.10 per cent to $83.87.