Petrol prices remained steady for another day on Wednesday after it was revised on Monday. Delhi has witnessed a rise in petrol prices by Rs 10.79 per litre and a rise in diesel prices by Rs 8.99 per litre since May. The latest fuel price revision on Monday was the 39th time when the price was revised since May. The price of petrol has increased eight times in the month of July alone. Petrol prices were increased 16 times in June and 16 times in May.
On Wednesday, one litre of petrol is retailing at Rs 101.19, while one litre of diesel is being sold for Rs 89.72. In the financial capital of the country, Mumbai fuel prices have reached a record high since Monday’s revision. One litre of petrol is being sold at Rs 107.20 and diesel is priced at Rs 97.29 per litre. Capital city of Kolkata is selling petrol for Rs 101.35 per litre and diesel is being retailed at Rs 92.81 per litre. In Chennai, the price of one litre of petrol is Rs 102.01, while one litre of diesel is being sold at Rs 94.33.
Besides metropolitan cities, fuel prices across several other cities have also witnessed a rise. In Jaipur, one litre of petrol is being retailed at Rs 108.21 while the retail price of diesel in the city is Rs 99.01.
Fuel prices in India are revised on a daily basis at 6:00 am. Global oil prices play a major role in influencing the country’s fuel price revision which can be transmitted to fuel users and dealers. Price of fuel depends on several factors including international crude oil prices, Rupee to US dollar exchange rate, demand and supply chain for fuel, in addition to excise duty, value added tax (VAT), transportation among other things. Taxes like VAT vary from state to state, hence, there is no uniform fuel price for retail across the country.