Petrol and diesel prices remain unchanged today. Fuel prices across the nation continue to hold their high-price plateau for the two days in a row. June 29, saw an upward tick in the prices across many major cities including Mumbai, Bangalore, Delhi, Chennai and Kolkata. As per the recent trend in the rising prices, the rate for fuel has been on a steady but drastic growth since the beginning of the COVID-19 pandemic.
Mumbai continues to lead as one of the highest costing metro cities for fuel prices amongst the above-mentioned five cities. The price of petrol in Mumbai currently maintains its stand at Rs 104.90 per litre, while the price for diesel is Rs 96.72 per litre, which represent a monetary increase of 34 paise and 30 paise respectively. Coming in at close second is the start-up hub of India, Bangalore, which holds steady with its price of Rs 102.11 per litre of petrol and Rs 94.54 per litre of diesel with an.
Chennai has also maintained its upward increase from the previous day of Rs 99.80 per litre of petrol while diesel remains at Rs 94.54 per litre. Chennai is still leading the pack of cities bordering on the triple-digit mark.
Following Chennai are the cities of Kolkata and Delhi, with the Kolkata continuing to beat out Delhi for the top spot with yesterdays sharp increase. As Kolkata maintains its price rise of 34 paise and 28 paise for petrol and diesel respectively, this brings the overall price of petrol to Rs 98.64 per litre and the price of diesel to Rs 92.03 per litre. Delhi on the other hand remains the cheapest of the five mentioned major cities, relatively speaking. The price of petrol in Delhi stands at Rs 98.81 per litre and the price of diesel also holds constant at Rs 89.18 per litre for the second consecutive day.
The majority of the price hike is a combination of freight charges, the prices charged to dealers, the excise duty on the fuel, the dealers’ commission as well as the Value Added Tax (VAT). While petrol prices in many states and major cities are close to –or have crossed the Rs 100-a-litre mark, diesel prices remain in the double-digits. Having said that, diesel prices are also catching up.
On the other end of the spectrum, 11 different states across India have crossed the Rs 100-a-litre mark for petrol. These states include Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Ladakh and Bihar. Rajasthan leads the race amidst all the states with a price of Rs 106.29 per litre of petrol and it also happens to be the states that levy the highest VAT and freight charges in the country.
Madhya Pradesh maintains a price of Rs 108.09 per litre of petrol, Maharashtra stands at Rs 105.83 per litre, Andhra Pradesh is at Rs 104.78 per litre, Telangana’s price is Rs 102.84 per litre and Karnataka remains at Rs 102 per litre of petrol. Meanwhile, Jammu and Kashmir, Odisha, Tamil Nadu, Ladakh and Bihar stand at Rs 99.84 per litre, Rs 100.94 per litre, Rs 100.58 per litre, Rs 104.23 and Rs 101.81 per litre respectively.
According to Reuters, oil prices on Wednesday exceeded the previous day’s small gains after an industry report showed U.S. crude stockpiles fell last week, overriding trader and investor concerns about transportation curbs in some countries as COVID-19 cases surge.
Brent crude stood at 42 cents, or 0.6% at $75.16 a barrel by 0122 GMT, after edging higher on Tuesday. U.S. crude was up 53 cents, or 0.7% at $73.51 a barrel, having risen 0.1% previously.