Fuel prices in three metro cities of India have breached their previous records of all-time highs from May. Petrol per litre in Delhi today was priced at Rs 78.52, 9 paise higher than its previous record high of 78.43 on 29 May 2018. Rates in Delhi are the least among other metros due to the lower sales tax and VAT.
In Kolkata and Chennai, it was priced at Rs 81.44 per litre and Rs 81.58 per litre respectively. Petrol was last seen at a record high of Rs 81.06 in Kolkata and Rs 81.43 in Chennai on 29 May 2018. In Mumbai, it is being sold at Rs 85.93 per litre today (Rs 86.24 on 29 May).
Diesel prices that already hit their new highest level this week, were hiked again to Rs 70.21 per litre in Delhi, Rs 73.06 per litre in Kolkata, Rs 74.54 per litre in Mumbai and Rs 74,18 per litre in Chennai.
Notably, it is the sixth consecutive day of increase in fuel prices across the country. Additionally, the rates have been either raised or remained flat since 16 August pressurizing the Indian rupee that crossed 71 against the dollar for the first time ever today. Crude oil forms a major part of India's imports, the rising rates widens its trade deficit.
Prices are revised every day by the Indian oil marketers on a daily basis at 6 am in the morning based on the international rates in the previous session. Any increase in the global rates makes import of their raw materials costlier for these companies and the burden is therefore passed on to the ultimate consumers. In the international market, benchmark Brent was up by 7 cents to $77.21 per barrel and US West Texas Intermediate increased by 14 cents to $69.65 a barrel on Thursday.