Petrol prices peaked to its record level in Delhi at Rs 104.44 per litre and Rs 110.41 per litre in Mumbai following a price hike on Monday. This marks the seventh consecutive day of price hike.
At the time of publish, diesel in the national capital was at Rs 93.17 per litre. In Mumbai, diesel stood at Rs 101.03 per litre.
Petrol prices in the country had breached the Rs 100 mark per litre, diesel too was nearing-in in several states, Kerala and Karnataka being the latest additions. Diesel costs Rs 100.15 in Thiruvananthapuram. Diesel had already crossed the mentioned mark in Odisha, Andhra Pradesh, Telengana, Gujarat, Maharashtra, Chattisgarh, Madhya Pradesh, Rajasthan, Bihar and Leh. Prices differ in states owing to the varied incidence of local taxes.
The price hike follows the OPEC+ decision not to raise output more than 0.4 million barrels per day which has bothered the global oil benchmark, Brent crude.
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.
(With inputs from PTI)