Gasoline and diesel prices on Thursday continue to stagnate and are unchanged for the fifth day in a row. The latest rates have not changed since the last price hike on July 17. Saturday’s review saw gasoline prices jump from 26 paise to 34 paise while diesel prices were already up 15 to 37 paise, due to a previous hike. . Over the past two months, rates have risen by almost Rs 11 across India. In July alone, the price of oil jumped nine times. Diesel has seen a similar fluctuation as it has jumped six times this month, with the exception of a rate cut. The latest revisions by state-owned oil companies have left fuel rates across the country at an all time high, despite its stagnant nature.
Of the four major metropolitan cities, Delhi apparently has the best rates, comparatively. With a price of 101.84 rupees per liter of gasoline, it is still a record for the national capital. This was a 30 paise increase for the city from the previous price. In Mumbai, the price of gasoline was last increased by a rate of 26 paise, leaving the fuel rate at 107.83 rupees per liter. In Chennai and Kolkata, the price of fuel continues to stand at Rs 102.49 and Rs 102.08 respectively. For each city respectively, the price was increased by 26 paise and 34 paise but has since stagnated. In Bangalore, the price is Rs 105.25 per liter of gasoline.
Diesel tariffs across the country were eased on July 12, when prices fell from 15 paise to 18 paise. However, this was short-lived as prices rose again, bringing rates closer to Rs 100 per liter. Having said that, today’s price in Delhi stands at Rs 89.87 per liter of diesel. In Mumbai, motorists have to contend with an almost triple-digit price of Rs 97.45 per liter. Kolkata citizens have to pay Rs 93.02 per liter of diesel. Further south, in the cities of Bangalore and Chennai, the price of diesel remains at Rs 95.26 per liter and Rs 94.39 per liter respectively.
The fuel rate in the country depends on the tax rates imposed by the state and central governments, as this represents the majority share of the prices that motorists face. The majority of these taxes take the form of value added tax and excise duties. This year alone, until March 31, the taxation of gasoline and diesel by the Union government has increased by 88%. This brought the amount to Rs 3.35 lakh crore. Prior to that, the excise tax on fuel was also increased from Rs 19.98 per liter to Rs 32.9 per liter last year.
Another important factor to consider when evaluating the final price of fuel is the international price of crude. Oil prices rose more than 4% on July 21 due to better support from growing risk appetite, according to a Reuters report. This comes despite data indicating a sudden increase in oil inventories in the United States. Brent crude futures rose $ 2.88, or 4.2%, leaving the final price at $ 72.23 per barrel. U.S. West Texas Intermediate (WTI) crude futures also rose $ 3.1, or 4.6%, leaving the final price per barrel at $ 70.30, according to Reuters.
Check the gasoline and diesel prices for July 22 in the table below:
|City||Gasoline (Rs)||Diesel (Rs)|
|Bombay||107.83 rupees||Rs 97.45|
|Delhi||101.84 rupees||89.87 rupees|
|Calcutta||102.80 rupees||93.02 rupees|
|Chennai||102.49 rupees||94.39 rupees|
|Bangalore||105.25 rupees||95.26 rupees|
|Jaipur||108.71 rupees||99.02 rupees|
|Bhopal||110.20 rupees||98.67 rupees|
|Hyderabad||105.83 rupees||97.96 rupees|
|Pune||107.39 rupees||95.54 rupees|
|Gurgaon||99.46 rupees||90.47 rupees|
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