By: Nandhini Lakshminarayanan
The price of fuel continue to rise straight for the second day, to hit a all-time high following a surge in crude oil rates globally.
The fuel prices in India have hit an all-time high for the past two days due to a surge in the crude oil rates globally.
According to an ANI source, on October 18 the Ministry of Petroleum and Natural gas raised concerns about the pricing, supply and demand of oils to major oil-producing countries.
The Central government is in talks with several oil-exporting countries on the issue of supply and demand of oils but there will not be immediate relief in the rising fuel prices.
According to the IOC data, after the recent hike, the prices of petrol and diesel shoot up by 35 paise resulting in Rs. 106.54 (Petrol) and Rs. 95.27 (diesel) per litre.
The petrol prices in Chennai have reached a mark of Rs.103.61 per litre while diesel rates are at Rs. 99.59.
In Kolkata, petrol prices are now placed at Rs. 107.12 and diesel prices are now at Rs. 98.38 per litre.
Compared to the four metropolitan cities, Mumbai has the highest price range for petrol and diesel due to the state-run oil refiners. Petrol prices are now at Rs. 112.44 and the diesel price has crossed Rs. 100 and is now at Rs.103.26 per litre.
Due to the value-added tax (VAT), the fuel rates vary across the states.
Taking into account the crude oil prices in the international market and the exchange rate of rupee-dollars, the State-run oil refiners including Indian Oil, Bharat Petroleum and Hindustan Petroleum revise the fuel prices every day according to the market.
According to the ANI report, petrol costs 35 per cent more than the price at which aviation turbine fuel (ATF or jet fuel) is sold to airlines. In Delhi ATF costs Rs. 79,020.16 per kilolitre which is roughly Rs. 79 per litre.