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Here's why Petrol, diesel prices raised for 11th straight day

Petrol and diesel rates are on an upward spiral, hitting record highs across metros, while they have already crossed the INR 100 mark in some cities. Fuel prices differ from state to state depending on incidence of local taxes such as VAT and freight.

Here's why Petrol, diesel prices raised for 11th straight day
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The fuel prices on Friday, February 19, were increased for the 11th day in a row. State-run oil marketing companies (OMCs) raised prices of petrol and diesel by 27-35 paise per litre across major cities of the country.

Petrol and diesel rates are on an upward spiral, hitting record highs across metros, and they have already breached the INR 100 mark per litre in some cities.

According to the notification by Indian Oil Corporation Limited (IOCL), Mumbaikars will have to shell out INR 96.62 for a litre of petrol after a 30 paise increase over Thursday’s price, while Diesel in Mumbai is retailing at INR 87.67 per litre after an increase of 35 paise on yesterday’s price of INR 87.32 a litre.

Meanwhile, for the first time in the national capital, the rate of petrol crossed the 90-rupees mark and now stands at INR 90.19, while diesel price climbed to INR 80.60 a litre, as per data from the Indian Oil Corporation website.

Kolkata: Petrol price was up at INR 91.41 from 90.11 on Thursday while the Diesel Price was up at INR 84.19 from 83.86.

Chennai: Petrol price was up at INR 92.25 from 91.98 on Thursday while the Diesel Price was up at INR 85.63 from 84.31.  

Petrol price on Thursday, February 18, crossed the INR 100 per litre mark in the cities of Rajasthan and Madhya Pradesh.

While branded or additive-laced petrol, which attracts higher taxes, had crossed the INR 100-mark in some places in states like Maharashtra, Madhya Pradesh and Rajasthan on Wednesday, and on Thursday it went past that mark in Madhya Pradesh. 

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.

Why the rise in fuel prices?

International oil prices have been on the boil since Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per day in February and March under a deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC+.

This has resulted in oil prices rising to USD 63 per barrel, the highest level in more than a year.

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