Petrol and diesel rates have changed again today. Petrol rates spike and reach a new record-breaking high. On the other side of the coin, diesel rates have dropped as per information available on the Indian Oil Corporation (IOC) website. The rate of petrol has increased overnight by 25 to 34 paise. Diesel rates have dropped by 16 to 18 paise so far. On July 12, Petrol rates in the major metro cities such as Chennai, Delhi and Kolkata, are approaching the Rs 102-a-litre mark in a wave of fresh highs. Bangalore and Mumbai have already crossed that threshold and are pushing towards the Rs 105-a-litre mark and Rs 108-a-litre mark respectively. Fuel prices have been hiked 7 times in the last 12 days. Petrol prices have been hiked up to Rs 2.38 and diesel prices by 57 paise in July so far.
The retail price of petrol in the city of Mumbai is currently Rs 107.20 per litre. This marks a hike of 27 paise. In Delhi, the price of petrol stands at 101.19 per litre, which is a 28 paise increase. In Chennai and Kolkata, motorists will have to shell out Rs 101.92 per litre and Rs 101.35 per litre respectively. Chennai has seen a 25 paise increase in petrol cost, while Kolkata holds a 34 paise hiked rate. The city of Bangalore has a massive pump rate of Rs 104.58 per litre of petrol, which is a 29 paise increase from yesterday’s rate.
After two months diesel rates have reduced to the relief of motorists across India. The rates shrink away from the Rs 100-a-litre mark in many cities. In Mumbai, the going rate for diesel is Rs 97.29 per litre. This is a 17 paise decrease from Sunday’s rate. Delhi is down by a rate of 16 paise at a price point of Rs 89.72 per litre of diesel. In Chennai, the price of diesel is at Rs 94.24 per litre; a 15 paise decrease. Kolkata will have motorists shelling out 16 paise less as the rate has dropped to Rs 92.81 per litre of diesel. In Bangalore, the pump rate for diesel stands at Rs 95.09, which is a 17 paise drop since yesterday.
The fluctuating fuel prices can be attributed to the Dollar-Rupee exchange rate, the international crude oil prices and state-wise tax. Since the price of fuel varies between each state, the motorist can look towards the taxation imposed by state governments and the central government as it makes up the majority of the fuel price tag.
Oil prices fluctuated on Monday as the OPEC+ talks still remain at an impasse. The group of producers and exporters did not reach an agreement to increase output from August. The United Arab Emirates (UAE) rejected a proposed eight-month extension to OPEC+ output curbs. The impasse about raising the output in the coming months is keeping the supply of oil tight amidst rising concerns about the impact of the Covid-19 pandemic on the global economy, according to a Reuters report.
Brent crude oil for September fell by 4 cents to $75.51 a barrel by 0032 GMT. US West Texas Intermediate crude for August was at $74.57 a barrel, up 1 cent, mentions the Reuter’s report on Monday.
Check out petrol and diesel prices on July 12 for your city in the below table:
|City||Petrol (Rs)||Diesel (Rs)|
|Mumbai||Rs 107.20||Rs 97.29|
|Delhi||Rs 101.19||Rs 89.72|
|Kolkata||Rs 101.35||Rs 92.81|
|Chennai||Rs 101.92||Rs 94.24|
|Bangalore||Rs 104.58||Rs 95.09|
|Jaipur||Rs 108.03||Rs 98.85|
|Bhopal||Rs 109.53||Rs 98.50|
|Hyderabad||Rs 105.15||Rs 97.78|
|Pune||Rs 107.54||Rs 95.38|
|Gurgaon||Rs 98.83||Rs 90.31|