Petrol and diesel price on Thursday continue to stagnate and are unchanged for the fifth day in a row. The last rates have not seen a change since the last price hike on July 17. The revision on Saturday, saw the price of petrol jump by 26 to 34 paise while diesel rates were already up by 15 to 37 paise, due to a previous hike. Over the past two months, the rates have gone up by almost Rs 11 across India. In the month of July alone the price of petrol has jumped nine times. Diesel saw a similar fluctuation as it jumped six times this month with the exception of one rate cut. The latest revisions by the state-owned oil companies have left the rate of fuel across the nation at an all-time high, despite its stagnant nature.
Out of the four major metro cities, Delhi seemingly has the best rates, comparatively speaking. With a price tag of Rs 101.84 per litre of petrol, it is still a record-high for the nation’s capital. This was a 30 paise increase for the city from the previous price point. In Mumbai, the price of petrol was hiked last by a rate of 26 paise, leaving the rate of fuel at Rs 107.83 per litre. In Chennai and Kolkata, the fuel price continues to stand at Rs 102.49 and Rs 102.08 respectively. For each city respectively, the price was increased by 26 paise and 34 paise but has since been stagnant. In Bangalore, the price stands at Rs 105.25 per litre of petrol.
Diesel rates across the country saw some respite on July 12, when the prices saw a decrease of 15 paise to 18 paise. However, that was short-lived as prices shot up again, causing the rates to inch closer to the Rs 100-a-litre mark. With that said, today’s price in Delhi stands at Rs 89.87 per litre of diesel. In Mumbai, motorists have to contend with a near-triple-digit price of Rs 97.45 per litre. Kolkata’s citizens have to shell out Rs 93.02 per litre of diesel. Further south, in the cities of Bangalore and Chennai, the price tag for diesel stands still at Rs 95.26 per litre and Rs 94.39 per litre respectively.
The rate of fuel in the country is dependent on the tax rates that are imposed by the state and Central governments, as this accounts for the majority share of the prices that motorists have to contend with. The majority of these taxes take the form of Value-Added Tax and excise duty. In this year alone, up until March 31, the taxation on petrol and diesel by the Union government shot up by 88 per cent. This brought the amount to Rs 3.35 lakh crore. Before this, the excise duty on fuel was also increased from Rs 19.98 per litre to Rs 32.9 per litre last year.
Another important factor to consider when evaluating the final price of fuel is the international crude prices. Oil prices went up by more than 4 per cent on July 21 as a result of improved support from growing risk appetites, said a Reuters report. This comes despite data indicating a sudden rise in US oil inventories. Brent crude futures went up by $2.88, or 4.2 per cent, which left the final price at $72.23 per barrel. The US West Texas Intermediate (WTI) crude futures also increased by $3.1, or 4.6 per cent, leaving the final price per barrel at $70.30, according to Reuters.
Check petrol and diesel prices for July 22 in the below table:
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