Petrol, diesel prices on October 19: Fuel prices remain at record highs

October 19, 2021 02:53 PM

Petrol and diesel prices remained unchanged for the second consecutive day on October 19 after scaling at record highs across the country, according to a price notification by state-owned fuel retailers.

The last increase on October 17 took the price of petrol in Delhi to its highest-ever level of Rs 105.84 a litre. The price remained the same on October 18. Diesel price also unchanged and sold at Rs 94.57 per litre on the day.

In Mumbai, fuel prices witnessed a similar trend. The petrol price remained unchanged and retailed at Rs 111.77 a litre. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.

Diesel price also remained the same and sold at Rs 102.52 per litre in Maharashtra’s capital.

The fuel prices remain unchanged in Kolkata too, where a litre of petrol and diesel were retailed at Rs 106.43 per litre and Rs 97.68 per litre, respectively.

Chennai also retailed a litre of petrol at the same price - Rs 103.01. Diesel price also remained unchanged at Rs 98.92 per litre in Tamil Nadu’s capital.

Petrol and diesel prices differ from state to state depending on the incidence of local taxes.

With the last rise, petrol touched Rs 100-a-litre mark or more in all state capitals while diesel 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 percent 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 the ending of a three-week-long hiatus in rate revision in the last week of September, petrol price has increased 16 times while the diesel price has gone up 19 times.

Shedding the modest price change policy, state-owned fuel retailers have since October 6 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 September 28 for petrol and September 24 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 May 4 and July 17. Diesel rate had gone up by Rs 9.14 during this period.

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