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Fuel rates hiked for fourth straight day; petrol crosses Rs 101 per litre in Chennai

October 8, 2021 11:54 AM

Fuel rates hiked for fourth straight day; petrol crosses Rs 101 per litre in Chennai
Fuel rates hiked for fourth straight day consecutive day as petrol prices rose by 26-30 paise while diesel prices went up by 35-37 paise.

Fuel rates hiked for fourth straight day consecutive day as petrol prices rose by 26-30 paise while diesel prices went up by 35-37 paise. Petrol and diesel rates were last revised on October 7 (Thursday). Fuel rates were kept unchanged on October 5 (Monday).

After the recent revision, petrol is now selling for Rs 103.54 per litre whereas diesel is selling at Rs 92.12 per litre in Delhi. In Mumbai, petrol has surpassed the Rs 109 per litre mark to settle at Rs 109.54 per litre while diesel is nearing the Rs 100 per litre mark. Diesel costs Rs 99.92 per litre in India’s financial capital currently.

Fuel rates hiked for fourth straight day, Petrol is selling for Rs 104.23 per litre in Kolkata and Rs 101.01 in Chennai. Diesel is selling at Rs 95.23 per litre and Rs 96.60 per litre in Kolkata and Chennai respectively.

Also Read: RBI keeps repo rate unchanged, maintains accommodative stance

PETROL, DIESEL RATES ACROSS MAJOR CITIES ON OCTOBER 7, 2021

Oil marketing companies like Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) revise fuel rates on a daily basis by factoring in value-added tax levied on petrol and diesel across different states, freight charges, average price of benchmark fuel in the international market in the past 15 days and foreign exchange.

Global oil prices

Oil prices went up on Friday after some industries started switching from high priced gas to oil and doubts on whether the US government will release oil from its strategic reserves for now. While US West Texas Intermediate (WTI) crude futures went up by 84 cents or 1.1 per cent to $79.14 per barrel, Brent crude futures jumped by 80 cents or 1 per cent to $82.75 per barrel.

“Oil prices lifted after the US Energy Department said it has no plan ‘at this time’ to tap into US strategic oil reserves to cool the rally in oil prices,” Commonwealth Bank analyst Vivek Dhar was quoted by Reuters as saying.

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