There seems to be no respite for the common man as fuel prices continue to rise in the country. The state-run oil marketing companies have hiked the petrol and diesel prices again today. With the recent hike, petrol has inched towards Rs 106 for a litre in Mumbai and Rs 100 per litre in Kolkata. While petrol has become expensive by up to 34-35 paise, diesel price has remained unchanged on Monday, according to Indian Oil Corporation.
Fuel prices in the country has been on a steep rise since the starting of May. The petrol price has been jumped 35 times since then.
The city of Mumbai leads the pack amongst the five cities mentioned with a revised pump price of Rs 105.58 per litre of petrol. This marks a 34 paise increase from the previous price of Rs 105.24 per litre. Bangalore comes in a close second with a new price of Rs 102.84 per litre of petrol from the old price of Rs 102.48 per litre. This is a 36 paise increase in pump prices. As of Sunday, the price of petrol in Chennai went up to Rs 100.44 per litre, from the previous Rs 100.13 per litre, which is a 31 paise increase. The petrol price in Delhi is up by 35 paise. The current price stands at Rs 99.51 per litre, while the previous price point was Rs 99.16 per litre.
Delhi and Kolkata are the only cities of the five to still be under the Rs 100-a-litre mark. The price of petrol in Delhi stands at Rs 99.51 per litre, which is an uptick of 35 paise from the previous Rs 99.16 per litre. Kolkata sports a price of Rs 99.45 per litre of petrol. The previous price point was Rs 99.04 per litre of petrol. This is a 41 paise hike – the highest price hike rate in contrast to the other metros.
The diesel prices in Kolkata also saw one of the steepest hikes across the five cities. As it stands the price is Rs 92.27 per litre, which is a 24 paise hike from the previous Rs 92.03 per litre. Delhi’s diesel prices stand at Rs 89.36 per litre, an 18 paise hike from the previous Rs 89.19 per litre.
Chennai holds a price of Rs 93.91 per litre of diesel, which is a 19 paise hike from the previous Rs 93.72 per litre. Bangalore and Mumbai’s diesel prices stand at Rs 94.72 per litre and Rs 96.91 per litre respectively. This marks a price increase of 18 paise for Bangalore and 19 paise for Mumbai. The previous prices were Rs 102.48 per litre for Bangalore and Rs 105.24 per litre for Mumbai.
Fuel prices are dependent on the state and central government taxes, in addition to other charges such as import charges, port duty, freight charges, excise duty and the international price of crude oil per barrel. Value Added Tax (VAT) makes up the largest chunk of the increase in prices.
Benchmark US crude oil for the August delivery increase by $1.76 to $75.23 per barrel on Thursday. Brent crude oil for the September delivery went up by $1.22 to $75.84 per barrel said a report by AP on June 2. While oil was standing at the $75 per barrel range amid the OPEC+ dispute, standoffs between Saudi Arabia and the United Arab Emirates on the deal for oil output policy has left a big question mark as to how oil prices might change. As a result of the tensions, oil dipped again as shares slipped in China, Japan and Hong Kong. OPEC+ is set to resume talks on Monday, according to Bloomberg.
The standoff is in danger of delaying plans to push down oil prices that have hit record highs in recent times.
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