Petrol prices and diesel rates on Monday have hit a plateau for the ninth day in a row. The fuel rates across the country have stood still for more than a week now. The last price change which happened was on July 17, after which no jumps in rates have taken place. However, this still leaves the fuel rates across the country, standing still at an all-time high. As per the last hike in prices, petrol had gone up by 26 to 34 paise, while diesel rates saw a hike of 15 to 37 paise across major metros. Diesel prices inched to the edge of the Rs 100-a-litre mark but stopped short for the past nine days.
Petrol prices in the nation’s capital, Delhi, saw a rise of 30 paise as it reached the rate of Rs 101.84 per litre on July 17. In Mumbai, the last hike saw the price rise by 26 paise to meet a fuel rate of Rs 107.83 per litre of petrol. Motorists in the south of India, specifically in Chennai and Bangalore have been shelling out Rs 102.49 per litre and Rs 105.25 per litre respectively. The price hike for both the cities at the time stood at 26 paise and 31 paise respectively. To the west, in Kolkata, motorists have been contending with a price of Rs 102.80 per litre of petrol for a little over a week now. The last price hike was a 34 paise increase from where the rates previously stood.
Diesel prices have also seen better days with the rates in many major metros almost reaching the Rs 100-a-litre mark. In Mumbai, the diesel rate has been at a standstill of Rs 97.45 per litre. In Delhi, the price per litre of diesel still stands at Rs 89.87. Kolkata and Chennai have hit a price ceiling of Rs 93.02 per litre and Rs 94.39 per litre of diesel. In the city of Bangalore, residents have to deal with a price of Rs 95.26 per litre of diesel.
With the fuel rates across the nation having met an all-time high, the high final price tag can be largely attributed to Value-Added Tax (VAT), state-level taxation, fuel excise duty by the Central Government and charges racked up by state-run oil companies added onto the base-line retail price. Internationally speaking, the price per barrel of crude oil on any given day of the market as well as the exchange rate of the Dollar-to-Rupee play a significant role in the final fuel pump price that citizens see.
Oil prices have seen very little change on June 26 as investors are trying to balance expectations of tight crude supplies for the remainder of the year against fuel demand related to the spread of Covid-19 variants. There is also the matter of the floods in China and the ever-increasing crackdown regulations imposed by the country that are impacting the supply and demand of crude, according to a Reuters report.
Brent crude futures for the September delivery fell 3 cents to $74.07 per barrel by 0153 GMT, said the report. US Texas Intermediate crude slipped by 8 cents to $71.99 a barrel.
Both have seen a 7 per cent recovery since the slump that occurred last Monday as investors hedge their bets on the likelihood of demand staying strong amid falling oil stockpiles and rising vaccination rates, said the report by Reuters.
Check petrol and diesel prices for July 26 in the below table:
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