Petrol and diesel prices have touched an all-time high across the country on Friday, October 1, 2021. This comes on the back of global oil prices finding themselves at a three-year high. Fuel rates in the month of September were a little more stable and optimistic, especially in the city of Chennai after the rates were cut by around Rs 3 by the newly elected state government. However, as we inched closer to the calendar month of October, the stability gave way to market fluctuations that leaves us in this current predicament. As it stands today, the price of petrol had gone up once more by 22 to 30 paise across the nation. Similarly, the price of diesel has also gone up by around 29 to 32 paise across India.
In the city of Mumbai, the price of petrol stood at Rs 107.95 per litre on Friday after the hike. This left the rates 24 paise higher than it was yesterday. In the national capital, Delhi, the petrol rate for the city stood at Rs 101.89 per litre, which was an increase of 25 paise. Similarly, Chennai also saw an increase in the petrol rate, which saw motorists shell out Rs 99.58 per litre of petrol. This was an increase of 22 paise. In Kolkata and Bangalore, the price of petrol stood at Rs 102.47 per litre and Rs 105.44 per litre respectively. This indicated that the fuel price increase by 30 paise for the city of Kolkata, while Bangalore experienced a hike of 27 paise.
Coming to diesel prices, in Mumbai, motorists were shelling out Rs 97.84 per litre of diesel, which was 32 paise more than they were paying yesterday. In Delhi, things were no better as the pump rate for diesel was Rs 90.17 per litre of 30 paise more expensive. Citizens in Chennai faired no better as they had to shell out a fuel price of Rs 94.74 per litre of diesel. They were essentially paying 29 paise more than they were yesterday. In Kolkata, the price of diesel stood at Rs 93.27 per litre, which was an increase of 30 paise from the previous price point. In the city of Bangalore, the price of one litre of diesel was Rs 95.70, or 32 paise more than the previous price.
The price of petrol or diesel is determined by a combination of factors both nationally and internationally. On the national side, you have the state government taxes and the Central government taxes that make up the majority of the price tag when it comes to the final retail price of petrol or diesel. There are also the charges to consider levied by the state-owned oil companies. Now, on the international front, a big determiner of the final prices are the international market sentiments for crude oil and the dollar-to-rupee exchange rate.
It was revealed that crude oil futures were not changed much on Thursday as China was gearing up to buy more oil and other energy supplies to meet the growing demand and offset the price pressure that came with the unexpected rise in the US crude inventories and a strong dollar, said a Reuters report.
On Friday, the Brent futures for the November delivery fell by 12 cents or 0.2 per cent, leaving the final price at $78.52 per barrel. On the other hand, US West Texas Intermediate (WTI) crude rose 20 cents, or 0.3 per cent, to settle at $75.03, said the Reuters report.
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