The fuel prices in the country have been hiked 29 times since May 4 and 13 times this month alone, with the latest hike being observed on Thursday. Considering the trend, fuel prices on Friday remained unchanged. In the national capital, the retail price of petrol for one litre is Rs97.76 while diesel price stands at Rs 88.30 per litre.
The oil marketing companies (OMCs) like Indian Oil Corporation Ltd (IOCL), Shell, Essar, Hindustan Petroleum Corporation Ltd (HPCL) and, Bharat Petroleum Corporation Ltd (BPCL) revise the fuel prices on a daily basis in accordance with benchmark international price and foreign exchange rates. The OMCs maintained the fuel price revisions made yesterday across the country today. In Chennai, the petrol price for today is Rs 98.88 per litre while diesel price is set at Rs 92.89 per litre. In the capital city of West Bengal, Kolkata, petrol price is set at Rs 97.63 per litre, while diesel price for one litre is being retailed at Rs 91.15. Among all the metro cities in the country, Mumbai has the highest petrol cost at Rs 103.89 per litre. The retail price for diesel in the country’s financial capital stands at Rs 95.79 per litre.
The variation of fuel prices across cities is due to factors like the basis of freight charges, Rupee-Dollar exchange rate, local taxes, supply and demand ratio, and VAT. Besides Mumbai, several cities across the country have seen the cost of petrol breaching Rs 100 mark including Andhra Pradesh, Rajasthan, Madhya Pradesh, Telangana, Karnataka, and Maharashtra.
On Friday the international crude oil prices witnessed an increase. According to Reuters,Brent crude futures traded at $73.38 for one barrel, while NYMEX Crude Oil’s latest trading price is set at $73.47 for a barrel. The trading price of US West Texas Intermediate August futures increased with $75.63 per barrel on Friday.