Petrol and diesel prices increase in India; check fuel rates in major cities on October 15

After a major surge in prices of crude oil, fuel prices in India have again witnessed a hike on Friday, October 15. As per the Indian Oil Corporation, petrol prices have gone up by 30-40 paise followed by a hike of around 30-35 paise in diesel prices. As per that, the petrol price in Delhi stands at Rs 105.14 per litre and the diesel price is Rs 93.87 per litre. Similarly, the price of petrol in Mumbai stands at Rs 111.09 per litre and the diesel price is Rs 101.78 per litre.

Notably, fuel prices witnessed a hike for fifth consecutive days starting from October 5, however, there was a two-day pause on October 12 and October 13. Earlier on October 14, petrol prices again a hike across the country followed by a rise in diesel prices as well. 

Check out fuel prices in India for October 15, Friday

Mumbai

• Petrol price: Rs 111.09 per litre 
• Diesel price: Rs 101.78 per litre 

New Delhi

• Petrol price: Rs 105.14 per litre
• Diesel price: Rs 93.87 per litre

Chennai

• Petrol price: Rs 102.40 per litre 
• Diesel price: Rs 98.26 per litre 

Bengaluru

• Petrol price: Rs 108.80 per litre
• Diesel price: Rs 99.63 per litre

Kolkata

• Petrol price: Rs 105.77 per litre
• Diesel price: Rs 96.98 per litre

Hyderabad

• Petrol price: Rs 109.37 per litre
• Diesel price: Rs 102.42 per litre

Patna

• Petrol price: Rs 108.44 per litre
• Diesel price: Rs 100.43 per litre

Lucknow

• Petrol: Rs 102.15 per litre
• Diesel: Rs 94.31 per litre

Centre's take on fuel price hike

Early in August, Union Finance Minister Nirmala Sitharaman explained why the excise duty on fuel prices cannot be cut and had informed that the payments in lieu of past subsidised fuel pose limitations. According to Finance Minister Nirmala Sitharaman, petrol, diesel, cooking gas, and kerosene were sold at subsidised rates during the Congress-led UPA government. The then government had issued bonds to state-owned oil firms to make up for the difference in the artificially suppressed retail selling price of fuel and the cost, totalling Rs 1.34 lakh crore to the state-fule companies due to soaring international rates.

Hike in crude oil prices

With petrol prices touching the Rs 100 mark in several states across the country, diesel prices are also racing in Rajasthan, Maharashtra, Madhya Pradesh, Andhra Pradesh, Odisha, etc. Petrol and diesel prices have hiked for the 14th and 17th times in two and three weeks, respectively. 

Meanwhile, the state-owned fuel retailers have started passing a larger incidence of cost to consumers since the beginning of October due to a jump in prices of international benchmark Brent crude. For the first time in the last seven years, crude oil prices are likely to touch the mark of USD 84 per barrel. Earlier on September 13, crude was trading at USD 73.51. Thereafter, India, a net importer of oil, is witnessing a major impact on its prices of petrol and diesel. 

Image: PTI