Branded petrol crosses Rs. 100 mark in Rajasthan

In Delhi, petrol now costs Rs. 86.30 per liter and in Mumbai, Rs. 92.86.

State-owned fuel retailers, Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., and Hindustan Petroleum Corporation Ltd., had on January 6 resumed daily price revision after nearly a month-long hiatus.

Since then, rates have gone up by Rs. 2.59 a liter on petrol and Rs. 2.61 in the case of diesel.

Meanwhile, the diesel rate climbed to Rs. 76.23 a liter in the national capital and to Rs. 83.03 per liter in Mumbai, the price data showed.

Branded petrol in Delhi comes for Rs. 89.10 a liter and for Rs. 95.61 in Mumbai.

Petrol and diesel prices were on Tuesday raised by 35 paise per liter each. Fuel prices are now at an all-time high.

The main difference between regular and premium fuel grades is the octane number. Regular fuel has a lower octane number, 87, while premium fuel generally gets a 91 octane rating or higher.

Octane number is a measure of the ignition quality of fuel - the higher the number, the less susceptible is the fuel to "knocking" when burnt in a standard engine.

Prior to the current highs triggered by the price hikes this month, fuel prices had last touched a record high on October 4, 2018.

At that time the excise duty was cut on petrol and diesel by Rs. 1.50 per liter in a bid to ease inflationary pressure.

Alongside, state-owned fuel retailers cut prices by another Re. 1 a liter, which they recouped later.

However, this time, there are no indications of a duty cut so far.

Petrol and diesel prices are revised on a daily basis in line with benchmark international prices and foreign exchange rates.

Top oil explorer Saudi Arabia pledging additional voluntary output cuts and demand returning from the roll-out of coronavirus vaccines has led to a surge in international oil prices.