On Thursday, once again the rate of petrol and diesel has increased. fuel rates According to the information given on the website of Indian Oil Corporation (IOC), the country has reached new record-breaking highs. After two days of stable prices, the rate of petrol 31 to 39 paise has been increased. At the same time, the price of diesel has increased by 15 to 21 paise so far. Major metro cities like Chennai and Mumbai are setting new highs as they have crossed Rs 102 per liter and Rs 107 per liter respectively. Other metropolitan cities such as Delhi and Kolkata are following with a ranking in triple digits.
The retail price of petrol in Mumbai is Rs 107.54 per litre, which is 34 paise higher than the previous price point. The price of petrol in the country’s capital Delhi is Rs 101.54 per liter. That is, an increase of 35 paise. In Chennai, the petrol rate has crossed a new high as it stands at Rs 102.23 per litre. This is 31 paise more than its previous price. Motorists in Kolkata will have to pay Rs 101.74 per liter of petrol, which is a whopping 39 paise. In Bangalore city, petrol costs Rs 104.94 – an increase of 36 paise.
Diesel prices have again seen a hike in prices across India. This is contrary to the trend he was following. The price of diesel was initially reduced on July 12. After two days of stable prices, it has been extended again on 15th July. The current price of diesel in Mumbai is Rs 97.45 per litre. This is 16 paise more than yesterday’s price. Prices in Delhi and Chennai are Rs 89.89 per liter and Rs 94.39 per liter respectively. This marks a 15 paise hike in prices for both the metros. Kolkata has seen the highest increase in diesel rates among metros. Today’s current price is Rs 93.02 per liter, which is 21 paise more than yesterday. Diesel price in Bangalore is Rs 95.26 per litre. This is an increase of 17 paise for the city.
Fuel rates are determined by a few major international and national level factors. Internationally, the fuel is dependent on crude oil prices in the international market, the dollar to rupee exchange rate to name a few. The biggest contribution at the national level is the taxation of petrol and diesel by the state level and the central government. This takes away a major part of the price tag for which the motorist has to pay.
On Thursday, oil prices had fallen by more than 1 percent. According to a Reuters report, after the deal between top OPEC producers and as US fuel stocks rose, it left investors at a loss for more supplies. This has raised concerns about demand among the world’s largest consumer, the report said.
Brent crude futures for September shipments fell 91 cents, or 1.2 percent, to $73.85 a barrel by 0158 GMT, according to Reuters. US West Texas Intermediate (WTI) crude for August delivery was trading at $72.21 per barrel. According to the report, it was down 92 cents, or 1.3 percent.
Both benchmarks fell more than 2 per cent on Wednesday, Reuters reported. The report also said that Saudi Arabia and the United Arab Emirates have reached an agreement that should pave the way for an agreement to supply more crude to the tight oil market and drive up prices.
Check the prices of petrol and diesel as on July 15, 2021 in the table below:
| City | Petrol (Rs.) | Diesel (Rs.) |
| Mumbai | Rs 107.54 | Rs 97.45 |
| Delhi | Rs 101.54 | Rs 89.87 |
| Kolkata | Rs 101.74 | Rs 93.02 |
| Chennai | Rs 102.23 | Rs 94.39 |
| Bangalore | Rs 104.94 | Rs 95.26 |
| Jaipur | Rupee. 108.40 | Rs 99.02 |
| Bhopal | Rs 109.53 | Rs 98.50 |
| Hyderabad | Rs 105.52 | Rs 97.96 |
| Pune | Rs 107.10 | Rs 95.54 |
| Gurgaon | Rs 99.17 | Rs 90.47 |
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