Petrol and diesel have remained unchanged for the sixth day in a row on Friday. The rates have not been changed since July 17, when the last hike happened. After six continuous days, the rate of fuel continues to stand at an all-time high across all cities as there is no relief in sight for motorists. The price of petrol across metros and major cities got hiked by 26 to 34 paise, while the diesel rates across the same cities went up by 15 to 37 paise during the last hike on Saturday. This takes the rates as high as Rs 11 more than they were in May. In the month of July alone the rate of petrol was hiked around nine times, while diesel prices changed five times.
Motorists in the capital of India have to contend with prices above Rs 100-a-litre, as the petrol rate in Delhi stands still at Rs 101.84 per litre. In Mumbai, the rate of petrol is one of the highest in the country as the major metro came closer to the Rs 108-a-litre mark, with a price of Rs 107.83 per litre of petrol. Kolkata does not fair any better since the hike on Saturday left its prices at Rs 102.80 per litre of petrol. Coming down south, the cities of Chennai and Bangalore are keeping pace with the other major cities. Chennai still carries a price tag of Rs 102.49 per litre of petrol, while Bangalore has a pump rate of Rs 105.25 per litre.
Diesel prices are still stuck below the Rs 100-a-litre mark for the metros and Bangalore. Delhi’s diesel rate stands at Rs 89.87 per litre. Mumbai and Kolkata stagnate at Rs 97.45 and Rs 93.02 per litre respectively. Chennai carries a price of Rs 94.39 per litre. The city of Bangalore has had motorists shelling out Rs 95.26 per litre continuously for almost a week now.
The sky-high price of fuel, as it stands these days, can be largely attributed to the state-based taxes that are levied against it as well as fuel excise duty and Value-Added Tax (VAT). These factors make up the majority of the fuel price tag that motorists across the nation are facing.
Oil prices saw a drop overnight on Friday, despite the fact that it was mostly predicted to remain steady till the end of the week. This comes after the prices rebounded from the steep drop, they saw due to expectations of the supply remaining tight as the demand is on the path to recovery, according to a report by Reuters.
Brent crude oil futures fell by 7 cents or 0.1%. This left the final price at $73.72 per barrel at 0147 GMT. This comes after the jump of 2.2% on Thursday, said the report. Brent crude was predicted to move towards a 0.1% gain this week as per Reuters.
US West Texas Intermediate (WTI) crude futures fell 8 cents, or 0.1%, making the price per barrel stand at $71.83. Similar to Brent, WTI followed with a 2.3% gain on Thursday. WTI was set to end the week flat, said the report.
Check petrol and diesel prices for July 23 in the below table:
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