Petrol, Diesel Prices Hiked As Crude Oil Nears $80 per Barrel

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Petrol price on Tuesday, 28 September, was hiked by 20 paise per litre and diesel by 25 paise, PTI reported. For the first time in three years, international oil prices, too, neared $80 per barrel mark.

According to a price notification of state-owned fuel retailers, the price of petrol increased to Rs 101.39 a litre in Delhi from Rs 101.19 and Rs 107.47 per litre in Mumbai.

Diesel rates reached Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai.

Statewise prices differ due to the incidence of local taxes.

The price for petrol was hiked for the first time after more than two months, while the cost of diesel was increased for the fourth time in the same time period.

On 24 September, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had resumed daily price revisions.

Meanwhile, international oil prices saw a rise for the fifth consecutive day.

"Global demand for crude oil has been increasing consistently with the easing of pandemic restrictions and improving vaccination rates. On the supply side, OPEC+ (Organization of the Petroleum Exporting Countries) alliance has been slow in easing output restrictions, contributing to the tightened supply in the market," a source said, according to PTI.

(With inputs from PTI.)

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