With no end in sight for the rising fuel prices across India, the price of petrol and diesel continues to rise across the nation. Pump prices for fuel have been hiked again today by the state-run oil companies. The recent hike has Delhi and Kolkata crossing the Rs 100-a-litre mark while on the higher end, cities like Mumbai have blown past the Rs 106-a-litre line. The price of petrol, depending on the area, has gone up by 31-39 paise, while diesel prices have gone up by 15-18 paise as per the Indian Oil Corporation (IOC).
The trend of ever-rising fuel prices has been the case since May. The price for petrol in Delhi and Kolkata has broken the Rs 100-a-litre mark. Delhi’s petrol price stands at Rs 100.21 per litre. In Kolkata, the price is Rs 100.23 per litre. These indicate a price hike of 34 and 39 paise for Delhi and Kolkata respectively. With today’s revision to the prices, Mumbai has jumped to an all-time high of Rs 106.25 per litre petrol. This is a sharp increase of 33 paise from the previous price point. In Bangalore, the price of petrol has risen to Rs 103.56 per litre, which is a 36 paise increase. The price of petrol in Chennai after the latest revision is up by 31 paise in the metro. The price in Chennai is Rs 101.06 per litre of petrol.
Diesel prices across the metros have also been hiked to an all-time high. Diesel prices in Delhi stand at Rs 89.53 per litre. This is an increase of 17 paise from the previous price. In Kolkata, the price of diesel is Rs 92.50 per litre as it inches closer to the Rs 100-a-litre mark. Mumbai marches ever closer to the Rs 100-a-litre mark with a price of Rs 97.09 per litre of diesel. This marks an 18 paise increase. In Chennai, the price hike puts the diesel rate at Rs 94.06 per litre, which is a 15 paise increase. Bangalore’s diesel rates after the spike, stands at Rs 94.89 per litre at a 17 paise hike.
As of July 7, the fuel pump rate has crossed the Rs 100-a-litre mark in at least 16 states and Union Territories. These states and Union Territories include Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Delhi, West Bengal, Tamil Nadu, Kerala, Bihar, Punjab, Ladakh, Sikkim, Jammu and Kashmir and Odisha.
Petrol and diesel prices are calculated by looking at government-imposed taxation at the state level as well as the central level. Other charges such as import charges, port duty, freight charges, excise duty and the international price of crude oil per barrel determine the bottom-line of fuel rates in your respective cities. Value Added Tax (VAT) makes up the largest portion of the charges levied on domestic fuel rates.
Benchmark US crude oil for the August delivery fell by $1.79 to $73.37 per barrel of oil Tuesday. Brent crude oil for the September delivery fell by $2.63 to $74.53 a barrel, as per an AP report.