Petrol Prices Touch All-Time High in India, Know Latest Fuel Rates

Petrol, diesel prices in the country have been kept unchanged on Saturday. At present, petrol and diesel are retailing at an all-time high in India. On July 2, the petrol price was increased by 33 to 37 paise across the nation by state-run oil companies. Meanwhile, diesel prices remain unchanged for five straight days.

The fuel prices in the country have been on a steep hike since May. There are 11 states in India where petrol price has touched Rs 100-for-a-litre mark. These states include Madhya Pradesh, Rajasthan, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Jammu and Kashmir, Ladakh, Odisha, Bihar. The petrol prices across major metro cities such as Mumbai, Bangalore, Chennai, Delhi and Kolkata have also gone up as of Friday.

Amongst the four metro cities and Bangalore, the city of Mumbai retains the highest price of petrol amongst the five. Petrol stands at Rs 105.24 per litre in Mumbai, which is a 34 paise increase from the previous Rs 104.90 per litre of petrol. Following that is Bangalore with a pump price of Rs 102.48 per litre of petrol. This marks a 37 paise increase from the old price of Rs 102.11 per litre. Chennai is the latest entrant to the triple-digit ranks amongst the metros with a petrol price of Rs 100.13 per litre. The price of petrol on July 1, prior to the change, was Rs 99.80 per litre of petrol, which is a 33 paise increase in the pump price. Delhi carries a revised petrol price of Rs 99.16 per litre which is an increase of 35 paise, while Kolkata holds a rate of Rs 99.04 per litre.

The diesel prices across the four metros and Bangalore remain unchanged. The price of diesel in Mumbai, Delhi, Chennai and Kolkata remain at Rs 96.72 per litre, Rs 89.18 per litre, Rs. 93.72 per litre and Rs 92.03 per litre respectively. For Bangalore, the pump price of diesel is Rs 98.54 per litre.

Fuel prices vary and depend on the state level tax that is levied on them as well as the central government’s taxation, freight charges, import duty, port duty, excise duty, the prices charged to dealers and the commission they take as well, not to mention the transportation and shipping charges of crude oil. The biggest factor contributing to the high prices at present is the Value Added Tax (VAT) that state and central governments are charging for fuel.

OPEC+ agreed on Friday to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer. The talks will resume on Monday as OPEC+ failed to reach a deal on the oil output policy for the second day, as the United Arab Emirates is blocking certain aspects of the deal.

Benchmark US crude oil for the August delivery rose by $1.76 making the end-price $75.23 per barrel Thursday. Brent crude oil for the September delivery rose by $1.22, making the final price $75.84 a barrel, as reported by AP.