Petrol prices rise again following two days of stagnation

Following two days of stability in prices, the rate of petrol has been increased from 31 to 39 paisa. The diesel price too increased from 15 to 21 paisa as yet. 

The prices of petrol and diesel have surged up once again on Thursday. According to the Indian Oil Corporation (IOC) website, the fuel rates across the country have reached a record-breaking high.

Following two days of stability in prices, the rate of petrol has been increased from 31 to 39 paisa. The diesel price too increased from 15 to 21 paisa as yet.

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The metro cities of the country like Mumbai and Chennai are putting up records for new highs as they have surpassed Rs 107 per liter and Rs 102 per liter respectively. Meanwhile, Delhi and Kolkata are also racing along with them, ranking in triple digits.

The retail price of Petrol in Mumbai is Rs 107.54 per liter, a 34 paise rise when compared to the previous price point. In the national capital, the price of petrol increased by 35 paise to stand at Rs 101.54.

The price of petrol in Chennai is Rs 102.23 per liter, which marks a 31 paise rise from the last price. In Kolkata, petrol price reached Rs 101.74 per liter marking a massive 39 paise hike. With a 36 paise rise, the petrol price in Bangalore stood to be Rs 104.94.

Diesel prices too witnessed a hike across the country. On 12 July, the rate of diesel had initially declined. The price of diesel in Mumbai reached Rs 97.45 per liter, which is a 16 paise rise from the previous day’s rate.

In Delhi and Chennai, the prices of Diesel are Rs 89.89 per liter and Rs 94.39 per liter respectively. In both the cities, the prices surged up by 15 paise.

With 21 paise more than yesterday, the price of diesel in Kolkata stood to be Rs 93.02 per liter. Bangalore marked a 17 paisa hike, reaching Rs 95.26 per liter.

The rate of fuel is based on a few major international and national level factors. Considering, the international side, fuel is dependent on the crude oil prices in the international markets. For instance, the rate of exchange from the Dollar to Rupees. At the national level, the major contributor is the state level and central government taxation on petrol and diesel.

According to a Reuters report, oil prices dropped by over 1 percent on Thursday. This leads to losses as the investors brace for further supplies after a compromise between top OPEC producers and as US fuel stocks rose. The report added that this raised concerns about demand in the world’s largest consumer.

The Reuters report stated, Brent crude futures for the September shipment fell by 1.2 percent to $ 73.85 per barrel by 0158 GMT. US West Texas Intermediate (WTI) crude for August delivery reached $72.21 per barrel. It was dropped by 1.3 percent.

On Wednesday, both the benchmark declined more than 2 percent. Saudi Arabia and the UAE reached a compromise that should pave the way for a deal to supply more crude to a tight oil market and cool the soaring prices, ‘Reuters’ reported.