Petrol price was hiked by 3 paise and diesel by 50 paise

(PTI) New delhi date. 20

With the increase in petrol price by 20 paise and diesel by 50 paise, the price of petrol has come close to a record high and the price of diesel has reached a record high. According to the price notification issued by state-owned oil marketing companies, petrol price has been hiked to Rs 101.5 in Delhi and Rs 106.51 in Mumbai. Diesel price has been hiked to Rs 4.5 in Delhi and Rs 7.5 in Mumbai.

Petrol and diesel prices vary from state to state as VAT rates vary from state to state. Gasoline prices have been hiked for the second time after being kept stable for three weeks. While the price of diesel has been increased for the fifth time.

After today's price hike, petrol prices have come close to record highs. The record price of petrol so far was Rs 101.5 in Delhi and Rs 103.5 in Mumbai in July.

On the other hand, international crude oil prices have also reached a three-year high. Crude is currently trading at 4.5 in the international market. Rising crude prices have forced state-owned oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) to raise prices.

Diesel prices have risen by a total of Rs 1.5 per liter in the five-fold hike since September 8. The two-fold hike in petrol prices this week has resulted in a total increase of 20 paise.

Earlier, petrol prices were hiked by Rs 11.5 per liter and diesel by Rs 2.15 per liter from May 4 to July 15. India has to buy 3% of its oil needs from abroad.