According to a price announcement from state-run oil firms, the fuel rates remained steady on September 29 a day after the increase in the cost of gasoline and diesel.
On September 28, Delhi’s fuel prices were raised to Rs101.39 for gasoline and Rs89.57 for diesel. On September 29, the national capital’s pricing stayed the same. Similar trends in fuel costs were seen in Mumbai. The retail price for gasoline is maintained at Rs107.47 per liter. On May 29, the financial center became the first metro in the nation to sell gasoline for more than Rs100 a liter.
In the capital of Maharashtra, diesel was being offered at Rs97.21 per liter. In Kolkata, where a liter of gasoline and diesel was sold for Rs101.87 and Rs92.67, respectively, the cost of fuel has remained the same.
A liter of gasoline was also sold for Rs99.15 in Chennai. In the capital of Tamil Nadu, the cost of diesel remained constant at Rs94.17 a liter Depending on the impact of municipal taxes, gas and diesel costs vary from state to state. The price rise on September 28 was the first for gasoline in more than two months and the fourth for diesel. The hike came as crude oil prices increased for a sixth straight day and global benchmark Brent reached $80 per barrel.
Diesel prices have increased by 95 pence per liter in four price rises since September 24. Three-fourths of the Rs1.25 per liter price reduction that took place between July 18 and September 5 are now invalidated. Prior to this, the price of fuel was last raised on July 15. The price of gasoline last increased on July 17.
Due to worldwide output interruptions that caused energy corporations to draw more crude oil from their stocks, global crude oil prices have risen to a level that is over three years high. In light of this, US crude oil stockpile levels are also getting close to a three-year low.
When the price of oil plummeted globally in July and August, the retail prices of gasoline and diesel in the Delhi market reduced by Rs0.65 and Rs1.25 per litre, respectively. Prior to that, the cost of fuel increased by Rs11.44 a litre from May 4 to July 17. During this time, the cost of diesel climbed by Rs9.14.
Due to the current price hike, diesel costs more than Rs100 per litre in at least three states and more than half of the country. India imports nearly 85% of the oil it uses, therefore local gasoline prices are based on global oil prices.
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