Petrol, Diesel Prices Hiked For The 8th Straight Day

On Tuesday, fuel prices in India hit new record highs after oil marketing companies hiked rates for the eighth consecutive day amid high international oil prices.

Petrol prices per litre were up by 30 paise to Rs 89.29 in New Delhi, Rs 90.54 in Kolkata, Rs 95.75 in Mumbai and Rs 91.45 in Chennai.

Diesel prices per litre rose approximately 35 paise to Rs 79.70 in New Delhi, Rs 83.29 in Kolkata, Rs 86.72 in Mumbai and Rs 84.77 in Chennai.

In the international market, oil prices rose on Tuesday as a cold front shut wells and refineries in Texas, the biggest crude producing state in the US. Prices were also supported by tensions in the Middle East wherein Yemen's Iran-aligned Houthi group said it struck airports in Saudi Arabia with drones, raising supply concerns in the world's biggest oil exporter, and optimism for a global economic recovery amid accelerated COVID-19 vaccine rollouts.

The global benchmark for oil prices, Brent crude futures, was up 0.2% at $63.41 a barrel, rising to the highest since January 2020.

Fuel rates in India are revised on a daily basis based on changes in international oil prices as well as rupee's exchange rate. However, the difference in prices across states is due to local, state and central government taxes imposed on fuel. On Sunday, according to a PTI report, the rate of petrol with additives crossed Rs 100 mark for a litre in Maharashtra's Parbhani district on Sunday morning.