July 1, 2021 10:07:56 am
Petrol and diesel price today: Prices of petrol and diesel remained unchanged across the country for the second consecutive day on Thursday, July 1, 2021. The key fuel prices had touched record highs on June 29, when petrol rose by 35 paise per litre while diesel inched up 28 paise in the national capital.
The price of petrol in Delhi stands at Rs 98.81 per litre while that of diesel is at Rs 89.18. In Mumbai, petrol currently costs Rs 104.90, while diesel is retailing at Rs 96.72, data available on Indian Oil Corporation’s website showed.
During the month of June, the auto fuel prices were hiked on 16 occasions, which followed the 16 hikes in the month of May after the oil marketing companies (OMCs) resumed their price revisions ending an 18-day hiatus that coincided with the assembly elections in key states. During the past two months, petrol price has increased by Rs 8.41 per litre and diesel has climbed by Rs 8.45 in New Delhi.
Following the recent hikes since May 4, the price of petrol has crossed the Rs 100-per-litre mark in at least 12 states and union territories including Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Ladakh, Karnataka, Jammu and Kashmir (J&K), Odisha, Tamil Nadu, Bihar and Kerala.
Bhopal became the first state capital to have petrol hit the three-figure mark in May, followed by Jaipur and Mumbai. In June, Hyderabad and Bengaluru had also joined this list followed by Patna and Thiruvananthapuram. Now, Chennai is on the verge of this psychological landmark with petrol retailing at Rs 99.80.
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 edged higher on Thursday, supported by lower US inventories, as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year, news agency Reuters reported.
Brent crude for September gained 17 cents (0.2 per cent) to $74.79 a barrel by 0355 GMT while the US West Texas Intermediate crude for August was at $73.68 a barrel, up 21 cents (0.3 per cent) close to its highest since 2018 of $74.45, the report said.
WTI rose more than 10 per cent in June while Brent added over 8 per cent, touching highs since 2018, as summer travel picked up and more people got vaccinated, it said.
Here’s what you pay for a litre of petrol and diesel in your city on Thursday, July 1, 2021:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|
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