Devolution of Common Man's Living Standard - Fuel Price HIKES!
July 12, petrol prices shoot up again monday morning, whereas diesel prices took the edge off after 2 months. petrol and diesel rates have changed again today, like the sides of the coin.
Petrol rates spike and reach a new record-breaking high. Fuel rates have been spiked 7 times in the last 2 weeks.
The latest revised rates in delhi -Petrol costs ₹101.91 in delhi, whereas diesel retails at ₹89.72. In Mumbai, petrol is sold at ₹107.20 per litre, whereas diesel price has declined to ₹97.29 per litre. In Kolkata, petrol price spiked ₹101.35 per litre whereas diesel prices lowered to reach ₹92.81 per litre. petrol rates in chennai ₹101.91, whereas diesel at ₹94.24. The city of Bangalore has the biggest pump rate - Rs 104.58 per litre of petrol, which is a 29 paise increase from Sunday's rate.
On account of local taxes like VAT and Freight charges, there is a notable price difference. After two months diesel rates have reduced to the relief of motorists across India.
The shifting fuel prices can be attributed to the Dollar-Rupee exchange rate, the international crude oil rates and state taxes. Due to the variation in Fuel rates between states, the motorists can see that the taxation imposed by State governments and the Central Government, makes up the majority of the fuel rate tag.
The State-run oil marketing companies (OMCs) have kept the rates constant after they touched a new milestone on July 10.
In India, the fuel prices also depend on the valuation of INR against USD, Refinery consumption ratio, demand for fuel and others. The fuel prices are revamped by oil marketing companies - indian oil, Bharat Petroleum and Hindustan Petroleum based on international prices in the upcoming 15 days and FSE.