The rise in Indian basket of imported crude oils pushed the petrol price in the national capital to Rs 71.56 a litre on Thursday, its highest level in over three years.
According to data from Indian Oil Corp, the previous high for petrol prices in the national capital was Rs 73.60 reported on July 1, 2014.
As per the daily revision of fuel prices, the petrol price was hiked by 17 paise a litre and diesel by 19 paise per litre, applicable from 6 a.m. on Thursday.
The daily revision allows any rise in international oil rates to be reflected in domestic prices with immediate effect rather than having a waiting period of 15 days as earlier.
Besides daily revision, petroleum products do not come under the Goods and Services Tax (GST) and prices vary at locations according to state taxes.
On Thursday, petrol per litre cost Rs 79.44 in Mumbai, Rs 74.28 in Kolkata and Rs 74.20 in Chennai.
Previous highs in Mumbai, Kolkata and Chennai were Rs 79.99 (October 2017), Rs 74.42 (June 2015) and Rs 74.43 (January 16, 2018) respectively.
Similarly, diesel prices were Rs 62.25 per litre in Delhi, Rs 64.91 in Kolkata, Rs 66.30 in Mumbai and Rs 65.63 in Chennai.
Several global factors like production curbs and high demand have led to a surge in crude oil prices to a three-year high. As on January 18, it hovered around $70 a barrel.
The Indian crude oil basket comprises of 73 per cent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed December 2017 at $62.29 per barrel, according to the Petroleum Ministry.