With 1,206 fatalities, India reports 42,766 new COVID-19 cases in last 24 hoursNew Delhi, July 10: In a recent development, fuel rates were hiked for the 38th time in 68 days with petrol prices rising by 35 and diesel by 26 paise per litre on Saturday despite international benchmark Brent crude prices falling by $1.61 a barrel.
The latest revision of India's domestic fuel rates have made petrol costlier by Rs 10.51 per litre and diesel by Rs 9.15 a litre since May 4. It can be seen that petrol is now priced at Rs 100.91 per litre and diesel at Rs 89.88 a litre in New Delhi.
While fuel rates of state-run Indian Oil Corporation (IOC) in Delhi are the benchmark for the entire country, retail prices of the two fuels differ from place to place because of variations in state taxes and local levies. Petrol prices have already crossed Rs 100 per litre in five metros - Delhi, Mumbai, Chennai, Kolkata and Bangalore.
With 1,206 fatalities, India reports 42,766 new COVID-19 cases in last 24 hours
The cost of one litre petrol in Mumbai is now Rs 106.93 and diesel Rs 97.46. The highest fuel rates have been recorded in Rajasthan's Ganganagar where pumps are selling petrol at Rs 112.24 per litre and diesel at Rs 103.15 a litre.
Surging international oil rates and exorbitant domestic tax structure are two key reasons for high fuel rates at pumps. Domestic retailers align pump prices of petrol and diesel with their respective international benchmarks of the previous day, which often move in tandem with crude oil rates.