Diesel prices have seen a change for the second day in a row and have dropped again across major metro cities. Petrol prices, on the other hand, have yet again maintained their unchanged status for 33 days now. Diesel prices have dropped by 19 to 20 paise again on Thursday across the major metro cities across the country. Petrol rates still have motorists facing an all-time high while diesel continues on the decline. The last hike was on July 17 for petrol. While the last diesel hike was on July 15. Prior to this, diesel prices had remained unchanged for 32 days, which finally broke the stagnation on Wednesday. The price of diesel had dropped by 19 to 21 paise for the metro cities on Wednesday.
The petrol prices across the major metropolitan cities had previously been hiked by 26 to 34 paise before they began to stagnate. Over the last 33 days, the petrol price in the city of Mumbai has remained at Rs 107.83 per litre. In Delhi, the petrol rate had motorists shelling out Rs 101.84 per litre. In the city of Kolkata, citizens were paying Rs 102.08 per litre. Fuel pumps in the city of Bangalore carried a price of Rs 105.25 per litre of petrol on Wednesday. Meanwhile, Chennai has been the only city to witness a drop in petrol prices on August 13 after the state government slashed the excise duty. This had left the price of petrol at Rs 99.47 per litre. The new price of petrol in Chennai stands unchanged for the past six days.
Diesel prices had dropped again in the nation’s capital by 20 paise. This left the price of diesel in Delhi standing at Rs 89.47 per litre. In Mumbai the price of diesel had slumped down to Rs 97.04 per litre, witnessing a drop of 20 paise. Chennai has seen yet another drop in fuel rates as the diesel price stood at Rs 94.02 per litre. The price went down by 18 paise. In Kolkata and Bangalore, the price of diesel dropped by 25 paise and 19 paise respectively. This left the price of diesel in Kolkata at Rs 92.57 per litre. Bangalore, meanwhile, held a fuel pump price of Rs 94.86 per litre of diesel.
The final retail price of fuel in India is highly inflated due to the heavy taxation that both states and Central government levy. The majority of the price is made up of Value-Added Tax (VAT), excise duty and GST. On an international level, major influencers of the petrol and diesel prices are the prices of crude oil in the market as well as the Dollar-to-Rupee exchange rate.
Crude oil prices had dropped again for the fifth day in a row on Wednesday. This came in light of investors being worried over the rising level of Covid-19 cases across the world, just as more supply reached the market from large global producers, according to a Reuters report.
Oil benchmarks have also been under pressure to the surge in Delta variant infections worldwide, mentioned Reuters. Brent crude oil futures was down 80 cents or 1.2 per cent, leaving the final price at $68.23 per barrel. The global benchmark lost a total of 11 per cent over the last 13 trading days, the report mentioned. US crude futures, on the other hand, had settled down by $1.13 or 1.7 per cent, which left the final price at $65.46 per barrel of crude oil, said Reuters.
Read all the Latest News, Breaking News and Assembly Elections Live Updates here.
Comments
0 comment