There seems to be no respite for the common man as fuel prices continue to rise in the country. The state-run oil marketing companies have hiked the petrol and diesel prices again today. With the recent hike, petrol has inched towards Rs 106 for a litre in Mumbai and Rs 100 per litre in Delhi and Kolkata. While petrol has become expensive by up to 34-35 paise, diesel price has remained unchanged on Monday, according to Indian Oil Corporation.
Fuel prices in the country has been on a steep rise since the starting of May. The petrol price has jumped 35 times since then. After today’s revision, petrol price in Delhi stands at Rs 99.90 a litre. In Mumbai, petrol is all set to touch all-time high Rs 106. On July 5, petrol is priced at Rs 105. 95 a litre in the financial capital. Petrol also nears Rs 100-per-litre mark in Kolkata. The fuel is being sold at Rs 99.88 per litre in the eastern city. With latest revision, the price of petrol increased to Rs 100.78 per litre in Chennai.
Diesel price has increased 34 times in the last two months. However, it remained unchanged on July 5. A litre of diesel is being sold at Rs 96.91 in Mumbai and Rs 89.36 in Delhi. On Monday, diesel remained the same at Rs 93.94 per litre in Chennai. In Kolkata, a litre of diesel will cost Rs 92.31 on July 5.
The petrol has crossed the Rs 100-a-litre mark in 14 states and Union territories including Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Kerala, Bihar, Punjab, Ladakh and Sikkim.
Fuel prices are dependent on the state and central government taxes, in addition to other charges such as import charges, port duty, freight charges, excise duty and the international price of crude oil per barrel. Value Added Tax (VAT) makes up the largest chunk of the increase in prices.
Benchmark US crude oil for the August delivery increase by $1.76 to $75.23 per barrel on Thursday. Brent crude oil for the September delivery went up by $1.22 to $75.84 per barrel said a report by AP on June 2. While oil was standing at the $75 per barrel range amid the OPEC+ dispute, standoffs between Saudi Arabia and the United Arab Emirates on the deal for oil output policy has left a big question mark as to how oil prices might change. As a result of the tensions, oil dipped again as shares slipped in China, Japan and Hong Kong. OPEC+ is set to resume talks on Monday, according to Bloomberg.
The standoff is in danger of delaying plans to push down oil prices that have hit record highs in recent times.