Fuel prices were hiked to record high amidst volatility in the global oil prices with benchmark crude increasing to above $80/barrel.
Diesel prices increased by 30p/litre in the national capital to Rs 91.07/litre, while petrol rates rose by 25p/litre to Rs 102.64/litre, according to Indian Oil Corporation.
OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
In Mumbai, the petrol price rose by 25p/litre to over Rs 108.67/litre, while diesel rates increased close to Rs 98.80/litre..
Kolkata saw the highest surge of 29p/litre, which is retailing petrol at the rate of Rs 103.36/litre
After rising over three year high level of $80 a barrel earlier this week, global benchmark came down to $78 a barrel and now is again up to $81 a barrel while OPEC+ deciding to stick to its marginal production easing plan and market remaining tight.