Fuel prices across the nation have risen after a hiatus of three days and touched fresh highs on Friday. Petrol prices are at an all-time high in India and more cities across India breach the Rs 100-a-litre mark. As prices inch higher, Indian motorists will bear the brunt of this impact. On July 2, the price of petrol increased by 33 to 37 paise across the country, while diesel prices stand unchanged.
The month of June has seen a steady uptake in the price of fuel throughout, which hit a ceiling on June 29. Major metro cities like Mumbai, Chennai and Bangalore have gone well above the Rs 100-a-litre mark, while Delhi and Kolkata are inching closer to the triple digits.
Mumbai exceeds the previous Rs 104.90 per litre of petrol and now stands at Rs 105.24 per litre of petrol and Rs 96.72 per litre of diesel. This shows a hike of 34 paise for petrol and no change in the diesel prices as they continue to stagnate. With Mumbai leading the pack, Bangalore, one of the major start-up hubs of India, still chases second place with its petrol price at Rs 102.48 per litre and diesel price of Rs 98.54 per litre. Bangalore’s petrol prices have seen a 37 paise increase. Chennai previously stood at a price of Rs 99.80 for a litre of petrol, the new price in the city is at Rs 100.13 per litre of petrol, while diesel prices remain unchanged at Rs 93.72 per litre. This marks an upward tick of 33 paise in the petrol price.
Delhi and Kolkata have also seen significant increases in petrol prices as the cost inches close to the triple digits, but diesel prices remain the same in these cities as well. Delhi’s petrol price now stands at Rs 99.16 per litre which is a 35 paise increase from Thursday’s price margin. The diesel price is Rs 89.18 per litre. In Kolkata, the price for a litre of petrol has come up to Rs 99.04, whereas the previous price was Rs 98.64 per litre. The diesel price for Kolkata is still at Rs 92.03 per litre.
The price of fuel is dependent on the hike or drop in international crude oil prices as well as central and state-based government taxation on imports, transportation and VAT to name a few. It should be noted that government taxation makes up the majority of the set price on petrol and diesel.
Benchmark US crude oil for August delivery rose $1.76 to $75.23 per barrel on Thursday, according to Associated Press. Brent crude oil delivery for the month of September went up by $1.22 making the price $75.84 a barrel. Oil prices have since held steady after OPEC+ delayed the meeting on supply decisions as per a Reuters report.