The overall market price for crude oil is set to increase in the coming days. With that said the petrol and diesel prices in India are yet to change as they maintain their upper ceiling for the third day in a row. In the month of June, prices saw a significant uptick in automotive fuel and have continued to maintain that trend.
Of the major metropolitan cities with the highest fuel prices, Mumbai and Bangalore take the lead. Mumbai takes first place with its current petrol prices for July 1, being Rs 104.90 per litre and the diesel price stands at Rs 96.72 per litre. Coming in at a close second is Bangalore that maintains Rs 102.11 for a litre of petrol and Rs 94.54 for a litre of diesel.
For Delhi, the price of petrol is currently at Rs 98.81 per litre, while diesel remains at Rs 89.81 per litre. Delhi is seemingly still the cheapest place in terms of fuel prices, relatively speaking. It takes the last spot, being overtaken in price by the cities of Chennai and Kolkata. Fuel prices in Chennai take the top rung of the fuel prices out of the above-mentioned metro cities that are just under Rs 100 per litre.
Chennai’s petrol prices stand at Rs 99.80 per litre and the price for diesel is Rs 93.72 per litre. With the rising crude oil prices on the international level, the price of fuel can be expected to touch triple digits in the days to come. Kolkata’s petrol price stands at a steady Rs 98.64 per litre and the diesel price stands at Rs 92.03 per litre.
On a larger scale, the following 11 states have crossed and maintained their above Rs 100-a-litre mark for the third consecutive day. These states are Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Ladakh and Bihar.
Madhya Pradesh maintains a price of Rs 108.09 per litre of petrol and still stands as one of the highest state-level petrol prices and with an average diesel price of Rs 98.86 per litre. Rajasthan has a price for petrol is Rs 106.29 per litre and the diesel price is Rs 98.98 per litre. Maharashtra stands at Rs 105.83 per litre of petrol while the over-arching price for diesel is Rs 96.13 per litre. Andhra Pradesh is at Rs 104.78 per litre with diesel prices at Rs 98.68 in the state.
Petrol prices for the states of Telangana, Karnataka, Jammu and Kashmir, Tamil Nadu, Odisha, Ladakh and Bihar all stand at Rs 102.84 per, Rs 102.55 per litre, Rs 99.84 per litre, Rs 100.58 per litre, Rs 100.94 per litre, Rs 104.23 and Rs 101.81 per litre respectively.
The factors affecting the price of fuel in India are the Rupee-Dollar exchange, the price of crude oil, and government-imposed taxation on fuel, which rises in the face of rising crude oil prices and the import and input costs. The increase in demand and the high cost of input results in low supply and higher demand.
Reuters reported that oil prices traded sideways on Thursday as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of this financial year.
Benchmark U.S. crude oil for the delivery in August rose 49 cents making the price $73.47 a barrel on Wednesday, while Brent crude oil for the August delivery rose 37 cents, bringing the price up to $75.13 a barrel, as per AP.