Petrol and diesel prices across the nation have seen yet another spike in prices as of June 29, as rates inch higher and higher with the major metro cities such as Mumbai, Delhi, Kolkata, Bangalore and Chennai bearing the brunt of this historical high. Data provided by state-owned fuel retailers such as Indian Oil indicate a significant push of prices closer and in some cases, beyond the Rs 100
On the higher end of the spectrum, the leaders in this trend seem to be Mumbai and Bangalore in that order, with Mumbai registering the highest of the prices amongst the above-mentioned metro cities. Petrol prices in Mumbai stand at Rs 104.90 per litre and diesel prices stand at Rs 96.72 per litre. This indicates an increase of 34 paise in petrol and 30 paise for diesel as compared to the previous day’s prices. Fair to say that the financial hub is living up to its reputation of being one of the most expensive cities to live in. Following in close-second to Mumbai is Bangalore. Bangalore’s petrol prices currently stand at Rs 102.11 per litre and diesel coming in at Rs 94.54 for a litre.
The upward tick in this trend took prices in Delhi ever-closer to the Rs 100-a-litre mark, while Diesel prices have glided past the Rs 89.00 mark.The current price stands at Rs 98.81 per litre and Rs 89.18 for petrol and diesel respectively, in the nation’s capital. Kolkata follows close behind and clocks in at Rs 98.64 per litre for petrol, which is a sharp rise of 34 paise from the previous price of Rs 98.30 per litre. Diesel prices have also seen a similar but less of a drastic increase of 28 paise, which brings the total price per litre to Rs 92.03 in the city. Topping both the previously mentioned states is Chennai, that seemingly leads the lower ranks of the nation-wide price hike. Petrol prices in this major city have landed at Rs 99.80 per litre while diesel prices stand at Rs 93.72 per litre.
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The recent rise in fuel prices across India are attributed to the rupee-dollar exchange rate and the international crude oil price. The varying prices across the different states depends on the levying of local, state-based taxation as well as taxation of the Central government on things such as Value Added Tax (VAT), freight charges and excise duty. Central and state-based taxation make up 60% and 54% of the retail prices for petrol and diesel respectively.
Oil prices slipped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant Delta sparked new mobility restrictions around the world. US West Texas Intermediate (WTI) crude futures fell 14 cents, or 0.2%, to $72.77 a barrel at 0045 GMT, according Reuters. Brent crude futures dipped 10 cents, or 0.1%, to $74.58 a barrel, after sliding 2% on Monday.