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Petrol and diesel prices soared to new record highs across the country on Tuesday after rates were hiked again by 25 paise and 30 paise a litre, respectively.

The price of petrol in Delhi rose to its highest ever level of  102.64 a litre and to  108.67 in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel rates too touched a record high of  91.07 in Delhi and  98.80 a litre in Mumbai.

In Kolkata, petrol is available at  103.36 and diesel at  94.17 per litre and in Chennai one has to pay  100.23 for one litre of petrol and  95.59 for one litre of diesel. 

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

The price hike follows international oil prices soaring to near three-year high as global output disruptions forced energy companies to draw more crude oil out of their stockpile.

State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) resumed daily price revisions on September 24 after international oil prices neared a three-year high. Global benchmark Brent crude is trading above $78 per barrel.

When international oil rates fell in July and August, retail prices of petrol and diesel in the Delhi market were reduced by  0.65 and  1.25 per litre.

Prior to that, the petrol price was increased by  11.44 a litre between May 4 and July 17. Diesel rate had gone up by  9.14 during this period.

India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.

Oil at 7-year high after OPEC+ decides on cautious increase

Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November.

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