Petrol and diesel prices have soared again across India on Sunday within a one day gap. With the latest increase in prices, fuel prices across the country have reached a new pinnacle. Since May 4, this was the 34th hike in the prices of fuel.
On July 4, the Petrol price on Sunday was increased by 35 paise per litre and diesel price was hiked by a steep 18 paise per litre. With such hikes in prices, petrol and diesel prices in Delhi touched a high of ₹99.51 and ₹89.36 respectively.
In Mumbai, the petrol price reached the apex of ₹105.58 per litre on Sunday. Diesel price too touched new heights in the business capital in India by 19 paise per litre making ₹96.91 a litre, highest in the metro cities in the country.
On Monday, diesel prices remained the same at Rs 93.94 per litre in the capital of Tamil Nadu. Similarly in Kolkata, a litre of diesel price stood at Rs 92.31.
In Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Kerala, Bihar, Punjab, Ladakh and Sikkim, the petrol prices surpassed the Rs 100-a-litre mark in 14 states and Union territories.
The prices of Fuel are heavily dependent on the state and central government taxes, besides other charges like import charges, port duty, freight charges, and excise duty. The prices are also influenced by the international price of crude oil per barrel. Value Added Tax (VAT) contributes to the major chunk of the increase in prices.
Benchmark US crude oil delivery for the month of August increased by $1.76 to $75.23 a barrel on Thursday. For the month of September, Brent crude oil delivery went up by $1.22 to $75.84 per barrel, as per the report by AP on June 2.
While oil priced at the $75 per barrel range despite the OPEC+ dispute going on, standoffs between Saudi Arabia and the United Arab Emirates, on the oil deal output policy, left behind a big question mark on how oil prices might change. Subsequently, oil dropped down again as shares slipped in China, Japan and Hong Kong. OPEC+ is set to resume talks today, as per the Bloomberg report.