Up, up and away! Petrol and Diesel prices hike again to fresh record highs

Petrol and Diesel Prices in India Today: Petrol hits another century and this time in Delhi. Petrol and diesel prices touched new highs on Wednesday, July 7, according to data released by the Indian Oil Corporation (IOC).

In Delhi, the petrol has reached three-figure mark to Rs 100.21, up by 35 paise as compared to the previous closing price of Rs 99.86 per litre. Likewise, the diesel price in the national has increased by 17 paise from Rs 89.36 per litre to Rs 89.53 per litre.

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In Mumbai, the petrol and diesel prices, following latest revision, stand at Rs 106.25 per litre and Rs 97.09 per litre, respectively. Petrol also crossed the Rs 100 mark in Kolkata and is being retailed at Rs 100.23 per litre.

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The fuel prices have been hiked for four times in the month of July, according to the information provided by the state-run oil refiner.

Petrol and diesel prices in India were hiked 16 times in May and June each. The fuel rates vary across the states due to value-added tax.

The state-run oil marketing companies including Bharat Petroleum, Indian Oil, and Hindustan Petroleum align the rates of domestic fuel keeping in mind the global crude oil prices by taking into account any changes in the foreign exchange rates.

Any changes get implemented with effect from 6 am every day. The brent crude settled down at $2.63 a barrel or 3.4 percent to $74.53. On the other hand, U.S West Texas Intermediate (WTI) crude futures settled down $1.79, or 2.4 percent, to $73.37.

-PTC News