Petrol and diesel prices today: Third hike in a row

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Fuel prices on February 28:

Petrol and diesel:  It is three in a row. The saga of rising petrol  prices continue for the third straight day on Friday. Oil companies have once again hiked the prices of petrol by 35 paise per litre for each fuel. The rate of petrol and diesel, going seemingly out of control, has once again hit an all-time high.

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Petrol price in Delhi today has gone up to ₹106.89 per litre. Diesel price today has inched closer to three figures at ₹95.62 per litre in the national capital. Petrol price in Mumbai has gone up to ₹112.78 per litre, while diesel will cost ₹103.63 per litre. Petrol price in Bengaluru today has also gone up to hit ₹110.61 per litre, while diesel price has reached ₹101.49 per litre. Petrol price in Kolkata is now at ₹107.44 per litre and diesel at ₹98.73 a litre. Petrol price in Chennai has gone up to ₹103.92 for a litre, while diesel also closer to ₹100 mark, priced at ₹99.92 per litre.

After petrol prices hit the three figure mark in every state since oil companies began revising prices from May this year, diesel price too has hit the ₹100 mark or more in most parts of the country. At this rate diesel is likely to soon follow petrol and breach the three figure price across the country.

Sri Ganganagar in Rajasthan still remains the costliest place to buy a litre of either fuel. Petrol price in Sri Ganganagar today is at ₹119.05 a litre, while diesel is selling for ₹109.88 per litre.

Since September this year, when oil companies resumed price revision after gap of about a month, the rate of petrol has gone up at least 18 times while diesel price has been hiked 21 times. The key reason behind the rise in fuel prices has been the fluctuation in global crude oil price. It has reached $85 per barrel from a little more than $70 per barrel ahead of the festive season.

According to sources, the Centre is trying to reach an understanding with the oil exporting countries to bring down the rate of crude oil. If there is an agreement, it could help to keep the prices down back home. India imports about 80 per cent of its oil needs from abroad which also makes it difficult to control price of petrol and diesel in case of a surge in global pricing.

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