Petrol price increased by 26 paise to 34 paise in metros. Diesel remains unchanged.
Petrol, diesel prices today July 17, 2021: New price hike pushes petrol close to Rs 108 per liter in Mumbai, Bangalore crosses Rs 105/litre mark.
Petrol prices on July 17 saw another hike in prices this month. After two days of stabilisation, petrol prices skyrocketed across the country on Saturday. Crude oil prices have been volatile for the past few months as tensions between OPEC+ oil producers escalated for weeks. As a result, volatility in international crude oil prices has caused India’s fuel prices to skyrocket to record-breaking highs. With this latest hike in prices, a new ceiling of prices has been set for petrol, as the rate has gone up from 26 to 34 paise. Diesel prices, on the other hand, have seen no change on Saturday, and have remained stable with prices since the last hike on July 15.
Petrol prices reached record breaking margins in all major metros. In Mumbai, drivers will have to pay Rs 107.83 per liter of petrol. This marks an increase of 26 paise in fuel rates. Delhi is inching closer to the Rs 102 per liter mark in the national capital with its fuel price tag of Rs 101.84 per litre. The city witnessed a massive increase of 30 paise on 17 July. Petrol rates in Chennai increased by 26 paise and reached a new high of Rs 102.49 per liter of petrol. Petrol price in Kolkata is Rs 102.08 per liter, which faces the same price tag with an increase of 34 paise. Bangalore is setting a record for petrol with its new fuel pump rate which has gone up to Rs 105.25 per liter – an increase of 31 paise.
Diesel prices, on the other hand, have remained unchanged since the price hike on July 15. Diesel prices across India have remained stable for the past two days. However, the recent hike has kept diesel prices close to Rs 100 per litre. As it stands, the diesel price in Mumbai is Rs 97.45 per litre. Diesel price in Chennai is Rs 94.39 per litre. Motorists in Delhi are paying Rs 89.87 for a liter of diesel. In Kolkata and Bangalore, the fixed rate of fuel is Rs 93.02 per liter and Rs 95.26 per liter respectively.
The recent extreme high levels of fuel rates in the country can be attributed to taxes levied on base prices by the state and central governments. The bulk of the duty goes to excise duty, state-level taxes and dealer’s commission. Above all comes the value added tax. Other factors that address that issue are international crude oil prices and dollar-to-rupee conversion rates.
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