According to price notification by state-owned fuel retailers, petrol and diesel prices after reaching new record highs on June 16 remained unchanged on June 17. On May 29, Mumbai became the first metro city in India where petrol crossed the Rs 100-a-litre mark. With no change in price, petrol is being sold at Rs 102.82 per litre, while diesel is priced at Rs 94.84.
Similarly, in Delhi, Kolkata, and Chennai, both the fuels continue to be sold at the previous day’s rate. In the national capital, petrol priced at Rs 96.66 per litre, while diesel is retailed at Rs 87.41 per litre. The price of petrol and diesel in Chennai remained Rs 97.91 per litre and Rs 92.04 per litre, respectively. The fuel prices remained unchanged in Kolkata too. A litre of petrol in Kolkata costs Rs 96.58, while Rs 90.25 is charged for a litre of diesel.
Currently, there are 7 states and union territories where petrol price is above the Rs100 per litre mark. These states include Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, and Ladakh.
Oil companies revise the petrol and diesel prices on a daily basis. The revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15 days.
Though the oil companies set a common price for all states, fuel prices end up differing from state to state depending on the levied local taxes, including VAT and freight charges. Of all the states, Rajasthan puts the highest VAT on petrol and diesel in the country. It is followed by Maharashtra, Madhya Pradesh, Telangana, and Andhra Pradesh.
For the fuel price hike in India, Union petroleum minister Dharmendra Pradhan had blamed the recent surge in global crude oil prices. He informed that the price of crude oil has gone over $70 (per barrel) in the international market. Pradhan added that as India imports 80 percent of its oil requirement, it negatively impacts consumers of the country.