In Mumbai, petrol prices increased by 25 paise, taking Thursday's rate to Rs 91.32 a litre in the city. The highest level for petrol in Mumbai was on October 4, 2018, when it was Rs 91.34
Fuel prices in the national capital reached a record high after oil marketing companies raised petrol and diesel rates by 25 paise per litre on Thursday.
In the national capital Delhi, petrol price climbed to Rs 84.70 per litre while that of diesel surged to Rs 74.88 per litre, according to data by the IOCL.
So far in January, petrol rates have risen by 1.17 per cent. On January 1, petrol prices in Delhi were at Rs 83.71 per litre.
In Mumbai, petrol prices increased by 25 paise, taking Thursday's rate to Rs 91.32 a litre in the city. The highest level for petrol in Mumbai was on October 4, 2018, when it was Rs 91.34.
In Kolkata, Chennai, and Bengaluru, petrol is selling at Rs 86.15 per litre, Rs 8.40 per litre, and Rs 87.56 a litre, respectively on Thursday.
Globally, Brent Crude climbed 0.1 per cent to $56.65 a barrel on Wednesday in the backdrop of positive news around vaccines and Saudi Arabia's pledge to cut oil output by one million barrels per day in the next two months.
The crude oil price has surged to 35.12 per cent since April 2020, when the coronavirus outbreak began in India and the country went under a stringent lockdown. According to data from the Petroleum Planning and Analysis Cell, the average crude oil prices in April fell to $19.90/bbl. Previously, the average crude oil prices were at $46.17 a barrel, $47.56 per barrel, $56.43 per barrel, $69.88 per barrel, and $60.47 a barrel in FY16, FY17, FY18, and FY20, respectively.
Since India is vulnerable to any changes in global crude oil prices and supplies, therefore any increase can affect India's domestic fuel prices and may result in high trade deficit and inflation. In FY19 and FY20, the Centre had spent $111.9 billion and $101.4 billion, respectively on crude oil imports.
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Edited by: Mansi Jaswal