Petrol, Diesel Price Today: Petrol and diesel prices touched new record highs on Saturday, October 16, as rates were hiked for the third consecutive day, tracking a surge in global crude oil prices. In the national capital, petrol prices were hiked by 35 paise from Rs 105.14 per litre to Rs 105.49 per litre, while diesel rates were also hiked by 35 paise from Rs 93.87 to Rs 94.22 according to Indian Oil Corporation.
In Mumbai, the petrol prices were hiked by 34 paise to Rs 111.43 per litre, and diesel rates crossed the Rs 102-mark – currently being sold at Rs 102.15 per litre. Among the four metro cities, fuel rates are the highest in Mumbai, according to the state-run oil refiner. Fuel rates vary across the states due to value-added tax or VAT. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City).
Here are the petrol and diesel price across the metro cities:
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
On Friday, October 15, oil prices settled at a three-year high above $85 a barrel, boosted by forecasts of a supply deficit in the next few months as the easing of Covid-related restrictions spurred demand.
Brent crude futures settled up 86 cents, or one per cent, at $84.86 a barrel. The front-month prices, which touched their highest level since October 2018 at $85.10, hit a weekly rise of three per cent – its sixth straight weekly gain. U.S. West Texas Intermediate (WTI) crude futures rose 97 cents, or 1.2 pe rcent, to $82.28 a barrel.