Petrol and diesel prices on Saturday have not changed. This marks a two-week period since the fuel rates were changed. The last change to the petrol prices took place on July 17, 2021. Diesel prices last saw a change on July 15, around 16 days ago. Though the prices have remained stagnant for such a long time, they remain at an all-time high. Since the last hike, the price of petrol went up by 26 to 34 paise across the major metro cities. Diesel saw an increase of 15 paise to 36 paise across the same city.
In Mumbai, the petrol price on July 31, stood at Rs 107.83 per litre. The nation’s capital maintained the price point of Rs 101.8 per litre over the past two weeks. Both the cities saw a price hike of 26 paise and 30 paise on the last hike and have kept steady with the same. In the city of Kolkata, motorists are shelling out Rs 102.80 per litre of petrol. This is 34 paise more than they were paying before July 17. Coming to the south of India, Chennai entered the triple-digit club a while ago and has stayed there with a fuel pump price of Rs 102.49 per litre. Citizens of Chennai are paying 26 paise more than they were over two weeks ago. Motorists in Bangalore have continued the fight against sky-high prices. The metro held its price of Rs 105.25 per litre of petrol on July 31 – a 31 paise benchmark above its previous rate.
Diesel rates in India have also seen no change for the past 16 days. On July 31, the price of diesel in Mumbai stood at Rs 97.45 per litre. In Delhi, the price was Rs 89.87 per litre of fuel. Citizens of Kolkata were paying a hefty sum of Rs 93.02 per litre of diesel. In Chennai and Bangalore, motorists shelled out Rs 94.39 per litre and Rs 95.26 per litre respectively.
Fuel gets its heavy retail price tag from the large sums of tax that is levied against it by the government. The largest contributor by far towards the inflation of the prices at the customer’s end is the Value-Added Tax (VAT). Other significant charges include fuel excise duty, import duties, charges racked up by state-run oil companies for storage, transportation and so on. There are also international factors to consider in the final retail price. Things such as crude oil prices in the international market, the demand and supply of the crude and event the Dollar-to-Rupee exchange play a part in it.
Oil prices went up further on Friday in the international market as the global benchmark, Brent crude posted a fourth monthly gain according to a Reuters report. This comes in light of the demand for oil rapidly outgrowing the supply, while vaccines are expected to bring some relief to the next wave of Covid-19, said the report. Having said that, Brent crude futures for the September delivery rose 28 cents, or 0.4 per cent, leaving the final price at $76.33 a barrel. US West Texas Intermediate (WTI) crude futures rose 33 cents, or 0.5 per cent, which left the final price of crude at $73.95 a barrel.
Both benchmarks saw a gain of more than 2 per cent this week. Brent rose 1.6 per cent in July, which makes this the fourth monthly increase for the benchmark. On the other hand, WTI was unchanged for the month according to Reuters.
Check petrol and diesel prices for July 31 in the below table: