Petrol prices on July 17, saw yet another hike in rates this month. After two days of stagnating, petrol rates shot up through the roof on Saturday across the nation. India’s fuel prices sky-rocket to record-breaking heights as the price has gone up by nearly Rs 11 in the past two months. With this latest hike in prices, a new ceiling for prices has been established for petrol. The price has been hiked by 26 to 34 paise. On the other hand, diesel prices have not seen a change on Saturday, and have remained stagnant with prices since the previous hike that took place on July 15.
Petrol prices in all major metros went up to a record-breaking margin. In Mumbai, motorists will have to shell out Rs 107.83 per litre of petrol. This marks a 26 paise increase in the fuel rates. Delhi is approaching the Rs 102-a-litre mark with its fuel price tag of Rs 101.84 per litre in the nation’s capital. The city saw a steep hike of 30 paise on July 17. Chennai’s petrol rates went up by 26 paise and have hit a fresh high of Rs 102.49 per litre of petrol. Kolkata faces a similar price tag with its petrol price standing at Rs 102.08 per litre, which is a 34 paise move up. Bangalore is setting a record with its new fuel pump rate for petrol that has reached Rs 105.25 per litre – a 31 paise hike.
On the other side of things, diesel prices remain unchanged since the price hike on July 15. The stagnating diesel prices have remained as such across India for the past two days in a row. However, the recent hike puts the diesel rates ever-closer to the Rs 100-a-litre mark. As it stands, the diesel price in Mumbai is Rs 97.45 per litre. In Chennai, the going rate for diesel is Rs 94.39 per litre. Delhi has its motorists paying Rs 89.87 for a litre of diesel. In Kolkata and Bangalore, the standing rate for the fuel is Rs 93.02 per litre and Rs 95.26 per litre respectively.
The fuel rates in the country and the extreme highs of late can be attributed to the taxes levied against the base prices by the state and Central governments. The bulk of the charges go towards excise duty, state-level taxes and the dealer’s commission. On top of all this comes the Value-Added-Tax. Other factors that weigh in on that issue are the international crude oil prices and the Dollar-to-Rupee conversion rate.
On Friday, crude oil prices fell by a third as supply concerns prevailed in the market. The report also said that Brent crude was down 20 cents or 0.3 per cent. This put yesterday’s price at $73.27 per barrel at approximately 0018 GMT. US crude had also fallen by 12 cents or 0.2 per cent, to $71.53 per barrel, both were likely headed for a decline.