Petrol, diesel price hiked again; cost 30% more than ATF

Petrol and diesel price on Sunday was hiked again by 35 paise a litre and the auto fuels now cost a third more than the rate at which aviation turbine fuel (ATF)/ jet fuel is sold to airlines.

The fourth straight day of 35 paise per litre hike sent petrol and diesel rates to record highs across the country.

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The price of petrol in Delhi rose to its highest-ever level of ₹105.84 a litre and ₹111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers.

In Mumbai, diesel now comes for ₹102.52 a litre; while in Delhi, it costs ₹94.57.

With this rise, petrol is now at ₹100-a-litre mark or more in all State capitals while diesel has touched the 100-mark in over a dozen states. Diesel crossed the ₹100-a-litre mark in Bengaluru, Daman and Silvassa.

Petrol used in two-wheelers and cars now costs 33% more than the price at which aviation turbine fuel (ATF) is sold to airlines. ATF in Delhi costs ₹79,020.16 per kilolitre or ₹79 per litre.

The costliest fuel is in the border town of Ganganagar in Rajasthan where petrol comes for ₹117.86 a litre and diesel for ₹105.95.

Since ending of a three-week long hiatus in rate revision in the last week of September, this is the 16th increase in petrol price and the 19th time that diesel rates have gone up.

While petrol price in most of the country is already above ₹100-a-litre mark, diesel rates have crossed that level in over a dozen States/UT including Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Chattisgarh, Bihar, Kerala, Karnataka and Ladakh.

Prices differ from state to state depending on the incidence of local taxes.

Shedding the modest price change policy, state-owned fuel retailers have since October 6 started passing on the larger incidence of cost to consumers.

This is because the international benchmark Brent crude is trading at $84.8 per barrel for the first time in seven years.

A month back, Brent was trading at $73.51.

Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.

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 ₹5.95 per litre and petrol price has increased by ₹4.65.

Prior to that, the petrol price was increased by ₹11.44 a litre between May 4 and July 17. Diesel rate had gone up by ₹9.14 during this period.