Petrol and diesel prices rose to new all-time highs across the country on October 9 as rates were raised for the fourth day in a row, in response to a surge in international oil prices.
According to a price notification from state-owned fuel merchants, the price of petrol has increased by 30 paise per litre and the price of diesel has climbed by 35 paise per litre.
Petrol prices hit all-time highs in Delhi and Mumbai, reaching Rs 103.54 per litre in Delhi and Rs 109.54 per litre in Mumbai.
Diesel prices in Delhi reached a new high of Rs 92.12 per litre and inched closer to Rs 100 per litre in Mumbai. In Maharashtra's capital, a litre of petrol costs Rs 99.92. Also Read: RBI monetary policy October 2021: Will RBI offer respite on key interest rates? Here is what is expected
State-run oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust fuel prices on a daily basis, based on worldwide crude oil prices and rupee-dollar exchange rates. Every day at 6 a.m., any adjustments in gasoline and diesel prices take effect.
Meanwhile, oil futures rose on Thursday, indicating that the market believes it is unlikely that the US will release emergency crude stockpiles or impose export restrictions to alleviate supply shortages. Also Read:
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Brent futures were up 87 cents, or 1.1 percent, to $81.95 a barrel, while US crude was up 87 cents, or 1.1 percent, to $78.30 per barrel.
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