Fuel prices hit an all-time high across the country since the hike on Sunday, July 5. value of petrol And Diesel pushed up the charts further and remained unchanged on Monday. At present the pump rate for petrol in major metros has gone up from 31 to 46 paise, while the rate of diesel has increased from 18 to 69 paise. The 34th hike in petrol and the 33rd increase in diesel in two months pushed rates across the country to new highs.
see current trends fuel prices The numbers have been climbing steadily since May. This is a nationwide trend so far, with 12 states across the country registering petrol prices in excess of Rs 100 per litre. Diesel prices have reached near triple digits. States of concern are Rajasthan, Maharashtra, Madhya Pradesh, Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Jammu and Kashmir, Odisha, Bihar, Ladakh and Punjab.
Petrol prices in the metro cities of Chennai, Delhi, Mumbai and Kolkata as well as in the city of Bangalore have crossed the previous price limit. Mumbai city leads among the five cities mentioned with a revised pump price of Rs 105.58 per liter of petrol. This is 34 paise more than the previous price of Rs 105.24 per litre. Bangalore comes second with a new price of Rs 102.84 per liter from the old price of Rs 102.84 per litre. This is an increase of 36 paise in the price of the pump. Till Sunday, the price of petrol in Chennai stood at Rs 100.44 per liter from the previous Rs 100.13 per litre, which is an increase of 31 paise. Petrol price has increased by 35 paise in Delhi. The current price is Rs 99.51 per litre, while the previous price was Rs 99.16 per litre.
Delhi and Kolkata are the only cities out of the five that are still under Rs 100-litre. The price of petrol in Delhi is Rs 99.51 per liter, which is 35 paise more than the previous Rs 99.16 per litre. Petrol price in Kolkata is Rs 99.45 per liter. The previous price point was Rs 99.04 per liter of petrol. This is an increase of 41 paise – the highest price hike rate compared to other metros.
Kolkata also saw the sharpest increase in diesel prices among the five cities. As it stands the price is Rs 92.72 per litre, which is a massive increase of 69 paise from the previous Rs 92.03 per litre. Diesel price in Delhi is Rs 89.36 per litre, which is 18 paise more than the previous Rs 89.19 per litre.
Diesel price in Chennai is Rs 93.91 per litre, which is 19 paise more than the previous Rs 93.72 per litre. Diesel price in Bangalore and Mumbai is Rs 94.72 per liter and Rs 96.91 per liter respectively. This marks a price increase of 18 paise for Bangalore and 19 paise for Mumbai. The previous prices were Rs 102.48 per liter for Bangalore and Rs 105.24 per liter for Mumbai.
Fuel prices are subject to state and central government taxes, apart from other duties such as import duty, port duty, freight duty, excise duty and international crude oil price per barrel. Value-added tax (VAT) accounts for the biggest part of the increase in prices.
Benchmark US crude for August delivery rose $1.76 to $75.23 a barrel on Thursday. Brent crude for September delivery rose $1.22 to $75.84 a barrel, the AP said in a report on June 2. Oil stood at a limit of $75 a barrel amid the OPEC+ dispute, a standoff between Saudi Arabia and the United Arab Emirates. The deal has left a big question mark for oil production policy as to how oil prices might change. As a result of tensions, oil fell again as stocks in China, Japan and Hong Kong fell. According to Bloomberg, OPEC+ is set to resume talks on Monday.
The impasse threatens to delay plans to slash oil prices that have hit record highs in recent days.
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