On Wednesday, the fuel prices surged for third consecutive day in the week touching an all time high in many places around the country. In Delhi, the petrol and diesel price rose by 25 paise each. This marks the seventh hike in the last 2 weeks. The petrol price stands at Rs. 92.05 per litre while diesel price touched Rs. 82.61 at the national capital.
Earlier in the beginning of the year, the fuel price rose due to inflation throughout the country. As a retaliation, the oil marketing companies (OMCs) went on a 24- day hiatus. Due to the criticism, the prices were cut in the last week of March. Then, the prices were froze for 15 days till April 15. From then till the last week's price fleet, the prices remained stable and steady.
In major cities across the country, the petrol crossed Rs.100 mark creating a record of all time high price. Bhopal became the first capital city to cross this mark. At present, a litre of petrol costs Rs.100.08 in the city. Apart from that, the prices touched the historic 100 mark in Maharashtra's Parbhani and Rajasthan's Sri Ganganagar as well. Petrol here sells at Rs. 100.74 and Rs. 102.94 respectively. The diesel prices have also soared high taking the rates above Rs.90 in any areas.
Petrol and diesel prices vary from state to state depending on the local taxation and freight charges. Along with this the central government charges on excise duty on auto fuels adds to the total amount taking the rates sky high.
The fuel prices differ everyday depending on the international, national and local conditions.
In the international market, fuel prices rose as well extending overnight gains after industry data displayed a drop in US crude inventories which reinforced OPEC's rising demand outlook. The US fuel pipeline had a shutdown for sixth consecutive day acting as a catalyst to the increasing prices.