Petrol prices have remained unchanged for 32 days, while diesel prices have declined by 20 paise on Wednesday. Petrol rates in major metro cities still remain at record highs, with only diesel showing any change so far. When the prices were last hiked on July 17, the country saw the biggest increase in fuel prices. Since then, petrol and diesel rates in major cities have remained stable. Petrol prices remained unchanged for 32 days on August 18, while diesel remained unchanged for 33 days.
Petrol prices were last hiked by 26 to 34 paise on July 17. There is no change in petrol prices in major metros for the last 32 days. In the financial capital Mumbai, the price of petrol remained stable at Rs 107.83 per liter on Wednesday. The price of petrol in Delhi stood at Rs 101.84 per liter. Kolkata and Bangalore were also unchanged with fuel rates of Rs 102.08 per liter and Rs 105.25 per liter respectively. Chennai was the only major metro to see any change after the state government cut excise duty. Due to this, the price of petrol became cheaper by Rs 3.02. The previous fuel rate in Chennai was Rs 102.49 per litre; The highest the city had ever seen.
Diesel prices in Mumbai fell by 21 paise, while the price was reduced by Rs 97.24 per litre. The price of diesel in Delhi was Rs 89.67 per liter, which is 20 paise cheaper than the old price. Kolkata also saw a drop of 20 paise as motorists spent our Rs 92.82 per liter on diesel. Bangalore followed the trend as citizens saw a drop of 21 paise on 18 August, taking the fuel price to Rs 95.05 per litre. Chennai once again stood out among the metro cities in terms of diesel prices. The South-Indian Metro saw its diesel prices drop by 19 paise, taking the final price to Rs 94.20 per litre. This makes Chennai the only major city to see a drop in both petrol and diesel prices since July 17.
Most of the fuel prices can be attributed to various taxes levied by the government. It can be divided into taxes levied by the central government and the state government. It is also important to note that Value Added Tax (VAT) and excise duty play a major role in the final retail price of petrol and diesel in the country. Other factors come from international waters in the form of dollar-to-rupee exchange rates as well as market crude oil prices.
Crude oil prices continued to fall on weak demand in Asia. This comes as a result of a stronger dollar and rising cases of Covid-19 in Japan, according to a Reuters report. Brent crude ended its session down 48 cents, or 0.7 percent, leaving the final price at $69.03 a barrel. On the other hand, US West Intermediate crude (WTI) was down 70 cents, or 1 per cent, bringing the price per barrel down to $66.59, as noted in the report. Additionally, the dollar also advanced for a second straight session on Tuesday, which has made oil more expensive for holders of other currencies, Reuters said.
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