State-owned oil marketing companies (OMCs) increased prices of petrol and diesel on Saturday pushing the rates to new record highs across the country.
According to a price notification of state-owned fuel retailers, price of petrol was hiked again by 25 paise per litre while diesel price was increased by 30 paise per litre. The fourth increase in its rates this week has sent petrol prices above Rs.100 in most major cities of the country.
After the latest rate revision, prices of petrol and diesel in Dimapur rose to Rs.100.65 per litre and Rs.92.59 per litre respectively. In the state capital Kohima, prices of a litre of petrol and diesel stood at Rs.101.65 and Rs.93.40 respectively.
According to a PTI report, the price hike follows international oil prices soaring to near three-year high as global output disruptions forced energy companies to draw more crude oil out of their stockpiles. The basket of crude oil India imports has averaged $78 per barrel in last few days.
Prices differ from state to state depending on the incidence of local taxes.
In seven price increases since September 24, diesel rates have gone up by 1.85 paise per litre. Petrol price has increased by Rs.1 per litre in four instalments this week.
India is dependent on imports to meet nearly 85% of its oil needs and so benchmarks local fuel rates to international oil prices.