Petrol and diesel rates have shot up once again on Thursday. The fuel rates across the nation have reached new record-breaking highs, as per information on the Indian Oil Corporation (IOC) website. After two days of stagnant prices, the rate of petrol has been increased by 31 to 39 paise. On the other hand, diesel prices have been taken up by 15 to 21 paise so far. The major metro cities such as Chennai and Mumbai, are setting the record for new highs as they have crossed Rs 102 per litre and Rs 107 per litre respectively. Other metros such as Delhi and Kolkata are giving chase with all of them ranking in the triple digits.
The retail price of petrol in Mumbai stands at Rs 107.54 per litre, which is a 34 paise hike from the last price point. In the nation’s capital, Delhi, the price of petrol is Rs 101.54 per litre. That marks a 35 paise increase. In Chennai, the rate of petrol has crossed new highs as it stands at R 102.23 per litre. This is a 31 paise increase from its previous price. Motorists in Kolkata will have to shell out Rs 101.74 per litre of petrol, which is a massive 39 paise hike. In the city of Bangalore, the price of petrol is Rs 104.94 – a 36 paise increase.
Diesel prices have again seen an upward spike in prices across India. This is in contrast to the trend that it was following. The rate for diesel had initially dropped on July 12. After two days of stagnant prices, it has been hiked again on July 15. The current price of diesel in Mumbai is Rs 97.45 per litre. This is a 16 paise increase from yesterday’s rate. In Delhi and Chennai, the prices stand at Rs 89.89 per litre and Rs 94.39 per litre respectively. This marks a price hike of 15 paise for both the metros. Kolkata has the highest rate hike for diesel of the metros. The current price as of today is Rs 93.02 per litre, which is 21 paise more than yesterday. In Bangalore, the price of diesel is Rs 95.26 per litre. This is a 17 paise increase for the city.
The rate of fuel is determined by a few major international and national-level factors. On the international side, fuel is dependent on the crude oil prices in the international market, the rate of exchange from the Dollar to Rupee to name a few. On the national level, the biggest contributor is state-level and central government taxation on petrol and diesel. This takes up a major chunk of the price tag that the motorist has to shell out for.
Oil prices fell more than 1 per cent on Thursday. This extends losses as investors brace for more supplies following a compromise between top OPEC producers and as US fuel stocks rose, according to a Reuters report. This has raised concerns about demand in the world’s largest consumer, said the report.
According to Reuters, Brent crude futures for the September shipment dropped 91 cents, or 1.2 per cent, to $73.85 per barrel by 0158 GMT. US West Texas Intermediate (WTI) crude for August delivery stood at $72.21 per barrel. It was down 92 cents, or 1.3 per cent, the report read.
Both benchmarks slid more than 2 per cent on Wednesday, Reuters reported. The report also said that Saudi Arabia and the UAE reached a compromise that should pave the way for a deal to supply more crude to a tight oil market and cool soaring prices.
Check petrol and diesel prices on July 15, 2021 in the below table:
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