Petrol price on Tuesday was hiked by 25 paise a litre and diesel by 30 paise, sending retail rates to all-time high levels. With international oil prices touching a seven-year high, there would be a “substantial” increase in prices of the fuels in the coming days. 

The petrol price in Delhi rose to its highest-ever level of Rs 102.64 a litre and to Rs 108.67 in Mumbai, according to a price notification of State-owned fuel retailers. Diesel rates too touched a record high of Rs 91.07 in Delhi and Rs 98.80 per litre in Mumbai. Prices differ from State to State depending on the incidence of local taxes. 

State-owned fuel retailers have in the past few days resorted to modest increases to align domestic rates with cost. The fuel rates are bound to rise higher with global crude oil prices surging. International benchmark Brent crude oil price soared to $82.37 per barrel on Tuesday as a result of the decision by OPEC+ not to increase output more than 0.4 million barrels per day. 

“Substantial” increase was on the cards to bridge the gap between cost and sale price, industry sources said. Sources added that oil companies had kept increases to a modest level in anticipation of correction in crude oil and petroleum product prices in the international market. However, in the event of such correction not being there, the price increase could be substantial, they added. 

The sixth increase in fuel rates in a week’s time has sent petrol prices above Rs 100 per litre in most major cities of the country. Similarly, the ninth increase in prices in less than two weeks has shot up diesel rates above the Rs 100 mark in several cities in Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh and Telangana.