Petrol and diesel prices remained stable at record high levels for the 22nd day in a row on August 8, according to a price notification by state-owned fuel retailers.
The last increase took the petrol price in Delhi near Rs 102 per liter mark. The petrol price in New Delhi soared to Rs 101.84 a liter. Diesel prices retailed at Rs 89.87 per liter, according to Indian Oil Corporation Limited’s (IOCL) price listing.
In Mumbai, the petrol price remained unchanged and retailed at Rs 107.83 a liter. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per liter.
Diesel price also remained the same being sold at Rs 97.45 per liter in Maharashtra’s capital.
The fuel prices remain unchanged in Kolkata, where a liter of petrol and diesel prices were Rs 102.08 and 93.02, respectively
Chennai also retailed a liter of petrol at the same price – Rs 102.49. Diesel price also remained unchanged at Rs 94.39 per liter in Tamil Nadu’s capital.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh, and Telangana.
The excise duty rates on petrol and diesel have been calibrated to generate resources for infrastructure building and other developmental expenditure keeping in view the prevailing fiscal situation, Minister of State for Finance Pankaj Chaudhary said on July 20. In a written reply to a question in the Rajya Sabha, the minister said the petrol price had gone up by Rs 3.83 a liter in May, Rs 4.58 in June, and Rs 2.73 in July (up to July 16).
In April, petrol and diesel prices were revised down by Rs 0.16 and Rs 0.14 a liter, respectively. The retail selling price of diesel rose by Rs 4.42 a liter in May, Rs 4.03 in June, and Rs 0.69 in July (up to July 16).
Domestic fuel rates are benchmarked to international oil prices as India is 85 percent dependent on imports to meet its oil needs. International rates have surged since last month on a rebound in consumption. The relentless price increase has pushed petrol rates above the Rs 100-a-litre mark in most places in 15 states including Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Odisha, Tamil Nadu, Kerala, Bihar, and Punjab, and at a couple of districts in Uttar Pradesh and Haryana.
Rates are also above the sensitive Rs 100 per liter level in four Union Territories including Delhi, Jammu and Kashmir, and Ladakh.
Diesel, the most used fuel in the country, is above that level in some places in Rajasthan, Odisha, and Madhya Pradesh.