Petrol price at record 77.19/ litre in Chennai

On September 14, 2013, petrol price in Delhi had touched Rs 76.06 a litre. In Kolkata, Mumbai and Chennai too, petrol prices climbed to new highs of Rs 77.10, Rs 82.25 and Rs 77.19 respectively, the IOC said.

The previous high in these cities was Rs 78.03 (Kolkata, August 2014), Rs 82.07 (Mumbai, March 2014) and Rs 76.93 (Chennai, July 2014).  Diesel prices also touched new record levels on Sunday, with prices per litre in Delhi, Kolkata, Mumbai and Chennai at Rs 65.65, Rs 68.35, Rs 69.91 and Rs 69.27 respectively.

Petrol prices firmed up over the weekend along with a surge in crude oil prices due to the ongoing supply cut by the Organisation of the Petroleum Exporting Countries, coupled with a strong demand for crude. 

On Friday, Brent crude was priced around $73.56 per barrel, whereas in 2013 it was priced at over $100 a barrel. 

India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.