The overall market price of crude oil is going to increase in the coming days. With this said that the prices of petrol and diesel in India are yet to change as they maintain their upper limit for the third day in a row. In the month of June, automotive fuel saw a significant increase in prices and continues to maintain the trend.
Among the major metropolitan cities with the highest fuel prices, Mumbai and Bangalore lead the way. Mumbai secured the first position with its stream petrol prices The price of diesel is Rs 104.90 per liter and diesel at Rs 96.72 per liter for July 1. In second place is Bangalore which charges Rs 102.11 for a liter of petrol and Rs 94.54 for a liter of diesel.
Petrol for Delhi currently costs Rs 98.81 per liter, while diesel costs Rs 89.81 per litre. Delhi is still the cheapest place in terms of fuel prices, relatively speaking. It takes the last place, beating the cities of Chennai and Kolkata in price. Fuel prices in Chennai are on top of the fuel prices in the above mentioned metro cities, which is just under Rs.100 per litre.
Petrol in Chennai costs Rs 99.80 per liter and diesel costs Rs 93.72 per liter. With the rising crude oil prices internationally, the fuel price can be expected to touch the triple digits in the coming days. Petrol in Kolkata costs Rs 98.64 per liter and diesel costs Rs 92.03 per litre.
By and large, the following 11 states have crossed and maintained the figure above Rs 100 per liter for the third day in a row. These states are Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Ladakh and Bihar.
Madhya Pradesh maintains petrol price of Rs 108.09 per liter and still has one of the highest state level petrol prices and average price of diesel is Rs 98.86 per litre. The price of petrol in Rajasthan is Rs 106.29 per liter and the price of diesel is Rs 98.98 per liter. Maharashtra stands at Rs 105.83 per liter of petrol, while the higher price of diesel is Rs 96.13 per litre. The price of diesel in the state is Rs 98.68 followed by Andhra Pradesh at Rs 104.78 per litre.
Petrol prices for the states of Telangana, Karnataka, Jammu and Kashmir, Tamil Nadu, Odisha, Ladakh and Bihar are Rs 102.84 per litre, Rs 102.55 per litre, Rs 99.84 per litre, Rs 100.58 per litre, Rs 100.94 per litre, Rs. 104.23 and 101.81 per liter respectively.
Factors affecting fuel price in India are rupee-dollar exchange, crude oil price and government-imposed taxation on fuel, which increases due to rising crude oil prices and import and input costs. Increase in demand and high cost of inputs result in low supply and high demand.
Reuters reported that oil prices traded sideways on Thursday as investors await a decision from major producers on whether they will maintain or reduce supply cuts in the second half of this fiscal year.
Benchmark US crude for August delivery rose 49 cents to $73.47 a barrel on Wednesday, while Brent crude for August delivery rose 37 cents, pushing the price to $75.13 a barrel, according to AP.
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