Petrol and diesel prices remained unchanged on Wednesday after reaching record highs in the country on the previous day. Fuel prices in India have been on a steep hike since the beginning of last month. The state-run oil marketing companies have revised the rates of petrol and diesel at least 28 times in the last seven weeks.
Petrol retails at over Rs 100-per-litre mark in eight states and union territories — Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir and Ladakh. Petrol has already surged past Rs 100 in Mumbai, Hyderabad and Bengaluru among the metro cities.
The petrol is selling at all time high of Rs 103.63 for a litre in Mumbai. On May 29, the retail price of petrol hit Rs 100-a-litre mark. A litre of petrol costs Rs 97.50 in Delhi. In Chennai, you have to shell Rs 98.65 for a litre of auto fuel. Petrol is being sold at Rs 97.38 in Kolkata.
Diesel price is also on sharp rise in the last few weeks. In Mumbai, a litre of diesel is priced at Rs 95.72 per litre. Diesel will cost you Rs 88.23 in Delhi, Rs 92.83 in Chennai and Rs 91.08 in Kolkata.
The price of auto fuel in India depends on international crude oil prices, rupee-dollar exchange rate. The central government and states levy various taxes — excise duty and Value Added Tax (VAT) on petrol and diesel. Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. Oil marketing companies like the Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum Corporation Limited revise the rates daily.
Oil prices rose on Wednesday after industry data showed US crude inventories had slumped more than expected. US West Texas Intermediate (WTI) crude futures jumped 33 cents, or 0.5%, to $73.18 a barrel at 0217 GMT, according to Reuters. Brent crude futures jumped 42 cents, or 0.6%, to $75.23 a barrel, the news agency reported. All eyes are on what the Organization of the Petroleum Exporting Countries and allies (OPEC+) plan to do when they meet on July 1 as they gauge the demand recovery.
(With inputs from agencies)