Petrol and diesel prices spiked by 25 paise and 30 paise respectively for every litre on Saturday.
Petrol prices in Delhi peaked to a record Rs 102.14/litre and Rs 108.19/litre in Mumbai, as per price notification issued by state-owned fuel retailers. On the other hand, diesel too scaled a record high of Rs 90.47/litre in Delhi and Rs 98.16/litre in Mumbai.
International oil prices soared to a near three-year high as output was disrupted globally. This obligated energy companies to draw crude oil from the stockpiles.
The crude basket averaged $78/barrel for the past few days. This was the fourth increase in petrol prices this week. As for diesel, this was the seventh increase in nine days.
In seven price increases since September 24, diesel rates have gone up by 1.85 paise per litre. Petrol price has increased by Re 1 per litre in four instalments this week.
India depends on oil imports to meet about 85 per cent of its domestic oil needs. Therefore, the international prices of crude oil have a significant bearing on the economy.