(PTI)
Petrol price Monday crossed the Rs 91-mark in Mumbai while domestic cooking gas LPG rates breached the Rs 500-level for the first time ever as oil at four-year high pushed fuel prices to new all-time high across the country. Petrol prices were hiked by 24 paise per litre and diesel by 30 paise, according to price notification of state-owned oil firms. The hike pushed petrol price in Delhi to an all-time high of Rs 83.73 per litre and diesel to Rs 75.09.
In Mumbai, petrol now costs Rs 91.08 at Indian Oil Corp (IOC) outlets, Rs 91.15 at Bharat Petroleum Corp Ltd (BPCL) pumps and Rs 91.15 at Hindustan Petroleum Corp Ltd (HPCL) stations. Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets. India is the third largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs in a strong demand environment. Brent, the benchmark for more than half the world’s oil, rose to the highest since November 2014 on Monday ahead of US sanctions against Iran kicking in next month. Brent crude oil climbed to USD 83.27, up from USD 71 five weeks back, while the rupee lost ground against the dollar by 5-6 per cent during the same period, resulting in expensive crude imports.
