Diesel Prices Hit Record High

Diesel prices have soared to a record after daily increase in rates for the past 12 days after remaining unchanged for a long time.

Diesel rose to ₹76.43 a litre in Delhi while petrol sold for ₹77.81 a litre on Thursday, the highest since November 10, 2018. In Mumbai, diesel and petrol sold for ₹74.93 and ₹84.66 per litre, respectively.

State oil companies raised prices of diesel and petrol by 64 paise and 53 paise per litre, respectively, on Thursday. With 12 straight hikes, the rates of diesel and petrol have gone up by a total of ₹7.04 and ₹6.55 per litre, respectively.

Domestic fuel prices are setting new records at a time international rates of fuels are subdued. Crude oil is trading around $40 a barrel, up from $20 a barrel in late April, but much lower than $66 a barrel at the beginning of the year.

Increased taxes by the central and state governments have contributed to recent fuel price inflation.

Companies are expected to follow the international market trend to determine domestic fuel prices, but they often deviate.

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