Petrol, diesel costlier as global oil prices touch record-high in 3 years

Petrol and diesel prices soared to a record high on Friday as global oil prices rose above $80 a barrel for the first time in three years.

This is the third price revision of petrol and sixth of diesel after a three-week break in price revision.

According to Indian Oil Corporation, Delhi saw petrol prices rise by 25 paise – from ₹101.64 per litre to ₹101.89 per litre – while diesel registered a hike by 30 paise – growing from ₹89.87 per litre to ₹90.17 per litre.

The price rise is the highest in Mumbai – ₹107.95 for petrol and ₹ 97.84 per litre for diesel. The revised prices of petrol and diesel in Chennai is ₹99.58 and ₹94.74 per litre respectively while the same in Kolkata is ₹102.47 and ₹93.27 respectively.

Fuel rates are revised on a daily basis by state-run oil refiners like Bharat Petroleum, Hindustan Petroleum and Indian Oil, based on the rise and fall of crude oil prices in the international market and the rupee-dollar exchange rates. The revised rates are implemented at 6 am IST every day.

The price of petrol and diesel vary from state to state due to the inclusion of taxes like VAT, freight charges etc.