Petrol and diesel get costlier by 35 paise

Revised prices are displayed at a petrol pump in Sewree, Mumbai, on Thursday. Pic/Suresh Karkera

After two days of lull, petrol and diesel price on Thursday was again hiked by 35 paise per litre, sending retail pump prices to their highest ever level across the country.

The price of petrol in Delhi rose to its highest-ever level of Rs 104.79 a litre and Rs 110.75 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 101.40 a litre; while in Delhi, it costs Rs 93.52. This is the 13th time that petrol price has been hiked in two weeks while diesel rates have gone up on 16 times in three weeks. There was no change in rates on October 12 and 13.

The rising commodity prices expose India to macro risks, including on the already elevated inflation and growth fronts, analysts at Morgan Stanley said on Thursday. There has been 14 per cent jump in oil prices to $83 per barrel and 15 per cent rise in coal rate to $200 per metric tonne, they said.

Inflation will move back toward 5.5 per cent by the quarter ending March 2022 after remaining below the 5 per cent mark in the next few readings, analysts said, noting that a continued rise in energy prices, specifically oil, increases inflation risks.

Rs 110.75
Cost of one litre of petrol in Mumbai as on Thursday

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