Petrol and diesel prices on Friday have remained unchanged. This trend has continued for the past 13 days, as the last petrol price hike took place on July 17, 2021. The rates have seemingly stagnated for nearly two weeks now after they hit an all-time high since the last jump. With the stability, motorists have been able to take a breath while adjusting to the change in rates. The last rate change saw petrol prices go up by 26 to 34 paise. Diesel prices saw a hike even before that on July 15, where the rates spiked by 15 to 36 paise.
The petrol rate today, in the city of Delhi, continues to maintain its price point of Rs 101.84 per litre of fuel. This marks a 30 paise hike from its previous price. The metropolitan city of Mumbai has seen better days as it holds strong as one of the most expensive metro cities, with a price tag of Rs 107.83 per litre for the past 13 days. The change in price was 26 paise from its previous rate. In Kolkata, motorists have been shelling out a consistent Rs 102.08 per litre for nearly two weeks at an increase of 34 paise. Bangalore and Chennai are also facing sky-high petrol prices as they continue to carry a price of Rs 105.25 per litre and Rs 102.49 per litre respectively. Each city saw an increase of 31 paise and 26 paise from its previous price.
Coming to the other end of the fuel concern, diesel prices have been stagnant the longest. The last hike for this fuel was on July 15, which makes Friday the 15th day of stagnation for diesel rates in the country. As it stands now, the price of diesel in Mumbai is Rs 97.45 per litre. That is 16 paise more than it was before the hike. In Delhi, the price of diesel has motorists paying Rs 89.87 per litre for over two weeks now. The last hike saw the price go up by 15 paise. Chennai and Kolkata continue to carry a price point of Rs 94.39 per litre and Rs 93.02 per litre respectively. Each city saw a respective change of 15 paise and 21 paise. Citizens in Bangalore continue to pay Rs 95.26 per litre of diesel, which is 17 paise more than they were paying before July 15.
Fuel rates have a hefty price largely due to the tax imposed by state governments and Central government. The Value-Added Tax (VAT) eats up the most in terms of the final retail price. Other factors such as fuel excise duty, the charges by the state-run oil companies and import duties all play a significant role in driving up the price point for fuel. Internationally, the crude oil market, the supply and demand trends, as well as the Dollar-to-Rupee exchange rates, play a role in it.
Crude oil prices went up on Thursday, which left one of the leading global benchmarks, Brent crude futures at $76 per barrel. This comes against a backdrop of tightening supplies, said a Reuters report. Brent crude oil futures had gone up by $1.31 a barrel, or 1.75 per cent which leaves the barrel rate at $76.05 a barrel. US West Texas Intermediate (WTI) crude oil futures also hiked by $1.23, or 1.7 per cent making the price $73.62 a barrel, according to the report. In June, the highest that the price went was $75 per barrel, which was a first in the last two years. It then slumped earlier this month as the rise in Delta variant Covid-19 cases was sweeping up a concern in the market, which led to top oil suppliers having to increase supply, said the report.
Check petrol and diesel prices for July 30 in the below table:
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