Petrol and diesel rates on Saturday across India have hit a ceiling, as the prices across the nation have been at a standstill for a full week. The last revision to the fuel rates happened on July 17, after which no more changes have taken place according to data collated from the Indian Oil Company’s (IOC) app. Despite there being no changes, the fuel rates across the country are sitting at an all-time high. The price of petrol last went up by 26 to 34 paise across all the major metro cities. Diesel rates for metros stopped short of the Rs 100-a-litre mark with the last price hike on July 15 bringing the rate up by 15 to 37 paise.
In Delhi, the price of petrol stands at 101.84 per litre. This is a 30 paise hike from its previous price. Mumbai has also seen better days as the petrol rates have motorists shelling out Rs 107.83 per litre, which is 26 paise more than they were paying before the hike. In Kolkata, the prices have stopped spiking at Rs 102.08 per litre – 34 paise more than it was over a week ago. Towards the South of India, the metro city of Chennai saw an all-time high hike with a price of Rs 102.49 per litre on July 17. The increase of 26 paise has remained stagnant for the last seven days. Bangalore is also not budging from its price of Rs 105.25 per litre, which was a hike of 31 paise for the city.
Diesel rates for the above-mentioned cities stopped short of the triple-digit mark and have stayed there for the last seven days. The nation’s capital, Delhi, stagnates at a price of Rs 89.87 per litre. Mumbai and Kolkata continue to carry a fuel pump rate of Rs 97.45 per litre and Rs 93.02 per litre respectively. In Chennai, the diesel rate that motorists have faced this past week has been standing still at Rs 94.39 per litre. Bangalore has a diesel rate of Rs 95.26 per litre.
Petrol and diesel prices are calculated by taking into consideration national and international factors. National factors that impact the final retail price of fuel are the state-level taxes, Central government excise duty on fuel as well as charges that are racked up by the state-run oil companies. The biggest contributor, however, is the Value-Added Tax (VAT) that is levied against fuel. On the international side, the price of crude oil per barrel, as well as the Dollar-to-Rupee exchange, play a role in the overall retail price.
Due to market expectations that the supply of oil will remain tight throughout the year, the prices on Friday edged higher. At the start of the week, the prices took a fall as concerns over the surging Delta variant of Covid-19 arose, according to a Reuters report.
Brent crude went up by 31 cents, or 0.4 per cent and left the price per barrel at $74.10. This follows a 2.2 per cent jump on Thursday. US West Texas Intermediate (WTI) crude went up by 16 cents or 0.2 per cent, leaving the price of crude oil at $72.07 per barrel, after a 2.3 per cent rise on Thursday, according to Reuters. For the week, Brent gained 0.7 per cent in rates after declining for three consecutive weeks. WTI on the other hand fell by 0.4 per cent after falling for two weeks, said the report.
Check petrol and diesel prices for July 24 in the below table:
Read all the Latest News, Breaking News and Coronavirus News here.
Comments
0 comment