Petrol and diesel prices on Thursday remained unchanged for the 12th day in a row across the country. This comes after the last price hike on July 17 that saw the rates of fuel reach an all-time high. Much to motorists relief the prices have been stable for over a week now. However, the petrol prices across major metro cities do retain their record-high prices despite the stagnation. Petrol prices had last increased by 26 to 34 paise, while diesel prices were hiked up by 15 to 37 paise across the metros over a week ago.
Petrol rates in major metro cities like Mumbai remain at a staggering high point. The Maharashtran city continues to carry a price tag of Rs 107.83 per litre. In Delhi, the price was taken up on July 17, to Rs 101.84 per litre. For both the cities, this marks an increase of 26 paise and 30 paise respectively. For Kolkata, motorists have been contending with a price of Rs 102.08 per litre for over a week. The city’s last price hike was an uptake of 34 paise for the fuel. Down south, in the metro city of Chennai, citizens have been battling a petrol rate of Rs 102.49 per litre, after they saw a 26 paise hike on July 17. Bangalore is not doing any better as the high price margin has left motorists shelling out Rs 105.25 per litre of petrol, which is 31 paise more than it was previously.
Diesel prices were well on their way to join the triple-digit mark but since the stagnation of the fuel prices, it has stopped short of the Rs 100-a-litre mark. In Mumbai, the diesel price maintains at Rs 97.45 per litre. In the nation’s capital, Delhi, the price per litre of diesel stands at Rs 89.87 per litre. In Chennai and Kolkata, the price of diesel remains at Rs 94.39 per litre and Rs 93.02 per litre respectively. In the city of Bangalore, motorists are paying a pump rate of Rs 95.26 per litre of diesel.
The final retail price of fuel is largely a result of the heavy taxation by the state and Central governments. These taxes include Central Government fuel excise duty, state-level taxes and Value-Added Tax (VAT), which accounts for the biggest chunk of it. On top of this, there are also the charges by the state-run oil companies, which leaves a hefty mark on the price that citizens have to deal with. On the international side, there are factors such as the international crude oil prices and the Dollar-to-Rupee conversion rate that play a role in setting the base price for the fuel in your city.
Oil prices per barrel stabilised near $75 on Wednesday. This comes after data showed US crude inventories had fallen to pre-pandemic levels, which indicated that the market’s focus is shifting back to tight supplies rather than rising COVID-19 infection rates, a Reuters report indicated.
Brent crude futures went up by 26 cents, or 0.4 per cent, making the final price of crude $74.74 per barrel. US West Texas Intermediate (WTI) crude settled up 74 cents, or 1 per cent, at $72.39. This comes after the company posted on Tuesday its first decline in six days, said the report.
Check petrol and diesel prices for July 29 in the below table:
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