Fuel prices hit fresh record high; Petrol nears Rs 100/litre in Patna, Thiruvananthapuram

Petrol and diesel price today: Petrol and diesel prices were hiked on Thursday, June 24, 2021, after a gap of one day, touching fresh record highs across the country. In the national capital, the petrol price rose 26 paise while that of diesel inched up 7 paise.

Following the latest price revision, petrol in Delhi is now retailing at Rs 97.76 a litre while diesel is selling at Rs 88.30. In the financial capital Mumbai, petrol price now stands at Rs 103.89 while diesel costs Rs 95.79, data available on Indian Oil Corporation’s website showed.

This marks the 13th price rise in the auto fuel prices so far in the month of June that follows 16 hikes in May. Prices have been on the rise since the past month (May 4) after oil marketing companies (OMCs) resumed their price revisions ending an 18-day hiatus that coincided with the assembly elections in key states.

Following the ongoing hikes since May 4, the price of petrol has crossed the Rs 100-per-litre mark in nine states and union territories – Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Ladakh, Karnataka and Jammu and Kashmir (J&K) and Odisha.

Last month, Bhopal became the first state capital to have petrol hit the three-figure mark followed by Jaipur and Mumbai and last week, Hyderabad and Bengaluru also joined this list. Now, Patna and Thiruvananthapuram are inching towards this psychological landmark with petrol retailing at Rs 99.80 and Rs 99.74 respectively.

Petrol and diesel rates are at the highest in the country in Sri Ganganagar district of Rajasthan where petrol comes for Rs 108.94 a litre. Diesel here touched the three-figure mark earlier this month and currently is retailing at Rs 101.48 per litre, the Indian Oil data showed. In Madhya Pradesh’s Anuppur district, petrol today is priced at Rs 108.56 a litre and diesel at Rs 99.39.

In India, the fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.

The central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. Centre levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.

OMCs revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

In the international market, crude oil prices climbed on Thursday after a sharp drawdown in US crude and gasoline stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end US sanctions on Iranian crude exports, news agency Reuters reported earlier in the day.

Brent crude futures rose 9 cents (0.1 per cent) to $75.28 a barrel by 0103 GMT, after increasing 0.5 per cent on Wednesday. US West Texas Intermediate (WTI) crude futures gained 6 cents (0.1 per cent) to $73.14 a barrel, after rising 0.3 per cent on Wednesday, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Thursday, June 24, 2021:

City Petrol (Rs/litre) Diesel (Rs/litre)
New Delhi 97.76 88.30
Mumbai 103.89 95.79
Kolkata 97.63 91.15
Chennai 98.88 92.89
Bengaluru 101.03 93.61
Hyderabad 101.60 96.25
Patna 99.80 93.63
Bhopal 105.99 97.00
Jaipur 104.44 97.35
Lucknow 94.95 88.71
Thiruvananthapuram 99.74 94.82
Source: Indian Oil Corporation 


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