Petrol and diesel prices soared to new record highs after rates were hiked again on 17 October by 35 paise a litre. Interestingly, the auto fuels now cost a third more than the rate at which ATF is sold to airlines.
The price of petrol in Delhi rose to its highest-ever level of Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers.
In Mumbai, diesel now comes for Rs 102.52 a litre; while in Delhi, it costs Rs 94.57.
With this rise, petrol is now at Rs 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 Rs 100-a-litre mark in Bengaluru, Daman and Silvassa.
Petrol used in two-wheelers and cars now costs 33 per cent more than the price at which aviation turbine fuel (ATF) is sold to airlines. ATF in Delhi costs Rs 79,020.16 per kilolitre or Rs 79 per litre.
The costliest fuel is in the border town of Ganganagar in Rajasthan where petrol comes for Rs 117.86 a litre and diesel for Rs 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 Rs 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 6 October 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 28 September for petrol and 24 September for diesel. Since then, diesel rates have gone up by Rs 5.95 per litre and petrol price has increased by Rs 4.65.
Prior to that, the petrol price was increased by Rs 11.44 a litre between 4 May and 17 July. Diesel rate had gone up by Rs 9.14 during this period.