New Delhi | Jagran Business Desk: Daunting the pocket of the common man, the Oil Manufacturing Companies (OMCs) on Saturday hiked the petrol and diesel prices across the country ranging from 26 paise to 35 paise. This is the fifth consecutive day when the fuel prices were hiked by the OMCs.

After today's hike, petrol and diesel rates in the country touched a new high with a litre of petrol retailing at Rs 103.84 after a rise by 30 paise, while a litre of diesel can be bought at Rs 92.47 after an increase by 35 paise. In the financial capital of the country, Mumbai, petrol costs Rs 109.83 per litre, a 29-paisa rise, while diesel crossed the three-digit mark and is retailing at Rs Rs 100.29 per litre after a rise of 37 paise.

In Kolkata, the petrol price was hiked by 29 paise after which the petrol is retailing at Rs 104.23 for litre on Saturday while the price of diesel reached 95.58 per litre after an increase of 35 paise in the prices. Whereas, the prices of petrol and diesel in Chennai is Rs 101.27 and 96.93 per litre, respectively, up by 26 paise

Check petrol, diesel rates in your city here:

DELHI Rs 103.84 Rs 92.47
MUMBAI Rs 109.83 Rs 100.29
KOLKATA Rs 104.52 Rs 95.58
CHENNAI Rs 101.27 Rs 96.93
BENGALURU Rs 107.46 Rs 98.15
PATNA Rs 106.94 Rs 99.00

Petrol prices had maintained stability since September 5 but oil companies finally raised their pump prices last week and this week was given a spurt in the product prices lately. Petrol prices have also risen on nine of the previous 11 days taking up its pump price by Rs 2.35 per litre.

OMCs had preferred to maintain their watch prices on the global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed the OMCs to effect the increase. Fuel prices in the country have been hovering at record levels on account of 41 increases in its retail rates since April this year.

The daily review and revision of prices are based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates. But, the fluctuations in global oil prices have prevented OMCs from following this formula in totality and revisions are now being made with longer gaps.

Posted By: Talibuddin Khan