Surge in fuel prices continues: Petrol up by 13 paise, diesel by 12 paise in Mumbai

Surge in fuel prices continues: Petrol up by 13 paise, diesel by 12 paise in Mumbai
The cost of petrol climbed to Rs 80.21 per litre (up 13 paise) while diesel rate soared to Rs 70.76 per litre (up 12 paise) on Tuesday, October 1 (Representational Image)

Almost two weeks after the drone attack on key oil facilities in Saudi Arabia, fuel prices in Mumbai and other major cities are showing no sign of stabilising.

The surge in fuel prices continues in the country even as international crude oil prices stabilised on Monday, with brent crude down by USD 60 per barrel nearly after a month.

On Tuesday (October 1), oil marketing companies hiked petrol prices by 19 paise in Delhi, 13 paise in Mumbai and Kolkata and 14 paise in Chennai.

Similarly, diesel prices were increased by – 16 paise in Delhi, 10 paise in Kolkata, 12 paise in Mumbai and 11 paise in Chennai.

According to the Indian Oil website, the rates of petrol on Tuesday in Delhi, Kolkata, Mumbai, and Chennai were Rs 74.61, Rs 77.23, Rs 80.21 and Rs 77.50 respectively.

Meanwhile, diesel rates soared to 67.49, Rs 69.85, Rs 70.76 and Rs 71.30 in Delhi, Kolkata, Mumbai, and Chennai respectively.

The fuel prices are revised on a daily basis in India, and petrol and diesel rates are directly dependent on crude oil prices. Other factors like rupee to US dollar exchange rate, global cues and demand also directly impact the cost of fuel.

Fuel prices have been on a gradual rise since the last fortnight as a result of a drone strike on Saudi Aramco, the second-largest oil producer in the world.

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