Petrol Price Today: Petrol and diesel prices across the nation have once again seen a spike today. The pump price for petrol and diesel has been taken to an all-time high by the state-run oil companies on July 8. The price of petrol is moving further away from the Rs 100-a-litre price ceiling. Rajasthan’s Ganganagar has the highest price for petrol in India thus far, as it is approaching Rs 112 per litre. The four major metro cities of Chennai, Delhi, Kolkata, Mumbai and Bangalore are above the Rs 100 price mark in petrol. Diesel prices are also closing in on the triple digits. The price of petrol across the metros has gone up by 31-39 paise, while diesel prices have gone up by 9-15 paise today, as per information on the Indian Oil Corporation (IOC) website.
With the revisions today, the price of petrol in Rajasthan’s Ganganagar records as the highest in India as it stands at Rs 111.87 per litre. The price of fuel in Mumbai has sky-rocketed to a staggering Rs 106.59 per litre of petrol. This is an uptake of 34 paise from yesterday’s price. The recent additions to the triple-digit group, Delhi and Kolkata, have a petrol price of Rs 100.56 and Rs 100.62 per litre of petrol respectively. This marks an increase of 35 paise for Delhi’s petrol price. For Kolkata, this marks a 39 paise increase in the pump price since yesterday. For the city of Chennai, the price of petrol currently stands at Rs 101.37 per litre, which is a 31 paise increase over the previous day. Bangalore carries a petrol rate of Rs 103.93 per litre. This is a 37 paise uptake in the petrol rate.
Diesel prices have not been any more well off lately. Diesel prices are rivalling the petrol rates in many places across the nations now. Rajasthan still holds the top spot as diesel prices stand at Rs 102.87 per litre in Ganganagar. The price of diesel in Mumbai stands at Rs 97.18 per litre, this is a 9 paise increase. For the cities of Chennai and Delhi, the increase has also been of 9 paise, with Chennai having a price of Rs 94.15 per litre of diesel and Delhi holding a rate of Rs 89.62 per litre. Kolkata and Bangalore have the highest fuel prices of the five metros. Kolkata holds a price of Rs 92.65 per litre of diesel. This marks a 15 paise increase. Bangalore hosts a price of Rs 94.99 per litre, which is a 10 paise increase.
In at least 16 states and Union Territories across India, the price of petrol has gone well past the Rs 100-a-litre mark. The states and Union Territories breaking price ceiling are Rajasthan, which has the highest rates in India, Madhya Pradesh which follows in close second as its capital Bhopal hits the mark of Rs 108.88 per litre of petrol and diesel has a price of Rs 98.40 per litre. Other states in this triple-digit category are Maharashtra, Andhra Pradesh, Telangana, Karnataka, Delhi, Kolkata, Tamil Nadu, Kerala, Bihar, Punjab, Ladakh, Sikkim, Jammu and Kashmir and Odisha.
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The price of petrol and diesel is so high because of the government’s taxation which takes up a large chunk of the price tag. The factors that push the price are the price of crude oil per barrel, the import duties, excise duties, port duties, state-wise tax, central government tax and the retail price to name a few key factors.
Brent crude settled at $73.43 a barrel, falling $1.10, or 1.5 per cent. US West Texas Intermediate settled at $72.20 a barrel, shedding $1.17 or 1.6 per cent. Both saw more than $1.00 per barrel drop in price according to a Reuters report. This comes in light of the failed talks by OPEC+ on Monday, that was supposed to decide on the output policy, leaving a cloud of uncertainty for the problem of rising fuel prices.