Diesel Touches Record Prices, Petrol Close to All Time High, As Fuel Rates Hiked Again.

Diesel and Petrol rates have touched new record highs across India after fuel prices were hiked again.

Diesel rates went up by 30 paise per litre while petrol prices jumped to 25 paise per litre.

The price of petrol was hiked to Rs 101.64 a litre in Delhi and to Rs 107.71 per litre in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel rates increased to Rs 89.87 a litre in Delhi and Rs 97.52 in Mumbai.

Prices differ from state to state depending on the incidence of local taxes.

This is the second price increase in petrol since the ending of a three-week-long hiatus in rate revision and the fifth in the case of diesel.

The hike took the retail price of petrol to a near-record high. Petrol had hit a record high of Rs 101.84 a litre in Delhi in July and Rs 107.83 in Mumbai. For diesel, the increase led to rates equalling the all-time high of Rs 89.87 a litre touched in Delhi in the same month.

International oil prices are at three year high with global benchmark Brent trading at USD 78.64 per barrel.

In five price increases since September 24, diesel rates have gone up by 1.25 paise per litre, negating all of the price reductions that happened between July 18 and September 5.

Petrol price has increased by 50 paise per litre in two instalments this week.