Petrol and diesel prices remain unchanged on Friday after yesterday’s hike. The fuel prices across the nations saw a massive increase as the rates hit fresh highs across the nation. The prices across cities went up as much, if not more, than Rs 10 per litre for petrol in the last two months. With the price hike on July 15, the petrol rates across the major metros and Bangalore had been taken up by 31 to 39 paise. On the other hand, the diesel prices saw an increase of 15 to 21 paise.
In Mumbai, as it stands since Thursday, the rate of petrol is Rs 107.54 per litre, which was a 34 paise increase from its previous price point. In Delhi, the current price stands at Rs 101.54 per litre of petrol – a 35 paise uptick. Kolkata and Chennai follow close behind in terms of the pump rate for fuel as they each carry a rate of Rs 101.74 per litre and Rs 102.23 per litre of petrol, respectively. This marks a price hike of 39 paise for Kolkata motorists and a 31 paise hike for the citizens of Chennai. The city of Bangalore had seen a price increase of 36 paise on Thursday, which brought the price of petrol up to Rs 104.94 per litre for the start-up hub.
Diesel price also saw an upward move, as more and more cities close in on the Rs 100-a-litre mark. For Mumbai, the diesel rate stands at Rs 97.45 per litre since Thursday, which is a 16 paise hike in rates. In the nation’s capital, Delhi, the price of diesel is Rs 89.87 per litre. Chennai also saw a similar rate of increase which put its recent diesel rate at Rs 94.39 per litre. Both Delhi and Chennai saw an increase of 15 paise for the fuel. Kolkata saw a large price hike of 21 paise for fuel pumps across the city. This left the latest price of diesel at Rs 93.02 per litre. Bangalore is also inching towards the triple-digit mark with its diesel rate of Rs 95.26 per litre, which is a 17 paise hike.
A large portion of the fuel rates can be attributed to state-level and Central government taxation. The central government charges taxes in the form of excise duty, add to that the state government’s taxation, as well as the dealer’s commission and Value-Added Tax (VAT) and more than half the price of fuel, can be cut for tax alone.
Oil prices fell again by a third on July 16 as supply concerns prevailed in the market as per a Reuter’s report. It also mentioned that OPEC is likely to add more barrels amid the expectations that more demand is on the horizon, as countries get on the path to recover following the pandemic.
Brent crude was down 20 cents which is 0.3 per cent. This puts the price at $73.27 per barrel by 0018 GMT, the report mentions. It is also possibly heading for a 3 per cent decline this week after two days of heavy declines.
On the other side of the coin, US crude fell 12 cents or 0.2 per cent, to $71.53 per barrel, and is on track for a decline of about 4 per cent this week, according to Reuters.
Check petrol and diesel prices in the below table:
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