Fuel prices increased again on Tuesday for the seventh consecutive day as global oil prices failed to relent and continued to remain firm.
In the national capital, petrol rates soared 35 paise to ₹ 110.04; while the diesel rate remained unchanged at 98.42 per litre, according to Indian Oil Corporation.
Petrol now costs 33.22 percent more than the price at which aviation turbine fuel (ATF or jet fuel) is sold to airlines. ATF in Delhi costs 82,638.79 per kilolitre or roughly ₹ 82.6 per litre.
In Mumbai, a litre of petrol now costs ₹ 115.85, and diesel is sold at ₹ 106.62 per litre. Petrol prices in Chennai moved above the ₹ 106 per litre mark and are currently sold at ₹ 106.66 per litre; while the diesel rate stood at 102.59. Among the four metro cities, fuel rates are the highest in Mumbai, according to the state-run oil refiner. Fuel rates vary across the states due to value-added tax or VAT.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
Globally, oil prices rose as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures gained 28 cents, or 0.3 percent, to $84.99 a barrel while U.S. West Texas Intermediate (WTI) crude futures rose by 19 cents, or 0.2 percent, to $84.24 a barrel.