Business & Economy

Petrol price in India reaches a record high.

The nation witnessed a major hike in petrol prices due to the recent rise in crude oil prices. On May 4, 2021, petrol price was hiked after Oil Marketing Companies (OMCs) ended an 18-day hiatus in price revision. In over sixteen states and union territories including Delhi, Rajasthan, West Bengal, Sikkim, Madhya Pradesh, Odisha, Bihar, Maharashtra, Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Jammu and Kashmir had crossed a mark of Rs.100/- per litre. 

Followed by the 16 hikes in the month of May, last month both petrol & diesel prices were increased 16 times. In July the petrol price was hiked 7 times while the diesel price was reduced for the first time after 4 hikes earlier this month. 

On Saturday the Petrol and Diesel price was increased by 35 paise and 26 paise respectively, which was the 38th hike since 4th May. The fuel price remained unchanged for a day. But as per  the reports, on Monday petrol rate increased by 28 paise, while the diesel rate dropped by 16 paise.

Therefore, the petrol price in India’s capital city stood at Rs.101.19 per liter on July 12th which is higher than  Rs.100.91 per liter on July 10th. However, the diesel price retailed at Rs.89.72 per liter yesterday, while it costed Rs.89.88 per liter on July 10th. After touching a record high across the country on July 12 the fuel cost remains the same today.

 Mumbai is retailing petrol at the highest price when compared with other metropolitan cities across the country. 

The fuel price fluctuates from one state to another based on various factors like Value -added Tax (VAT), freight Charges, INR value against USD, demand and supply of fuel, refineries consumption ratio, excise duty charged by the government on auto fuel and other taxes. For instance, when Petrol and Diesel in Mumbai is retailing at Rs.107.20 and Rs.97.29 respectively per liter, in Kolkata the petrol price stands at Rs.101.35 per liter and diesel at Rs.92.81 per liter.

The Oil marketing Companies like Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation Ltd (IOCL) review and revise the fuel price daily, based on International crude oil rate and foreign exchange rates.

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