Petrol, Diesel Price Today: Fuel prices jumped to record high levels on Wednesday, October 27, as rates were hiked again after a two-day pause. In the national capital, petrol and diesel rates soared 35 paise to cost Rs 107.94 and Rs 96.67 per litre respectively, according to Indian Oil Corporation.
Petrol now costs 36.63 per cent more than the price at which aviation turbine fuel (ATF or jet fuel) is sold to airlines. ATF in Delhi costs Rs 79,020.16 per kilo litre or roughly Rs 79 per litre.
In Mumbai, a litre of petrol now costs Rs 113.80, and diesel is sold at Rs 104.75 per litre. Petrol prices in Chennai inched closer to the Rs 105 per litre-mark and is currently sold at Rs 104.83 per litre. 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.
|Source: Indian Oil|
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 fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer. Brent oil futures fell 25 cents, or 0.3 per cent, to $86.15 a barrel after closing at the highest in seven years on Tuesday. U.S. West Texas Intermediate (WTI) futures declined 26 cents, or 0.3 per cent, to $84.39 a barrel after gaining 1.1 per cent in the previous session.