Petrol and diesel prices on July 19 remain unchanged. The nationwide fuel rates have remained unchanged after the price hike that took place on Saturday. Today marks the second day of stagnation for the price of petrol and diesel in cities across India. Having said that, the fuel prices have hit a fresh high across the country. Many of the metro cities are either nearing or crossing the Rs 105-a-litre mark for petrol. Diesel prices are not doing any better as they inch closer to the Rs 100-a-litre mark. The all-time high prices have taken rates up by as much as Rs 11 in the past two months. On July 17, the petrol prices had gone up by 26 to 34 paise, while previous diesel hikes had seen the rate go up as much as 15 to 37 paise.
The price of petrol in the city of Mumbai currently stands at Rs 107.83 per litre. This is a 26 paise upward move from its previous price point. In the nation’s capital, Delhi, the petrol rates are stagnating at Rs 101.84 per litre, which marks a 30 paise hike from its last pump price. Chennai and Kolkata are not any better off as they each have maintained a price of Rs 102.49 per litre and Rs 102.80 per litre respectively. Both cities have motorists shelling out an increase of 26 paise and 34 paise respectively. In the start-up hub, Bangalore, motorists have been contending with a price of Rs 105.25 per litre of petrol since Saturday. This holds an increase of 31 paise for petrol in the city.
Coming to the diesel prices today, they have been unchanged since the last price hike that took place on July 15. The rate of diesel in Mumbai continues to stand at Rs 97.45 per litre. In Delhi, the price stagnates at Rs 89.87 per litre of diesel. In Chennai the price of diesel inches closer to the Rs 100-a-litre mark with its rate of Rs 94.39 per litre. Motorists in Kolkata are facing a diesel rate of Rs 93.02 per litre. Bangalore is host to a lofty price of Rs 95.26 per litre diesel.
The major portion of today’s fuel rates can be attributed to government-based taxes. A large portion of prices goes towards state-wise taxes, Central government taxes, excise duty and Value Added Tax. The base prices on the other hand depend on the international crude oil prices and the cost per barrel in the international market, as well as the Rupee-to-Dollar exchange rates.
Oil prices fell more than 1 per cent on Monday, as the OPEC+ group of producers reached an agreement over the weekend to boost output after the earlier pact fell apart due to objections on the part of the United Arab Emirates (UAE), said a Reuters report. Brent crude was down $1, or 1.4 per cent. This left the price tag at $72.59 a barrel by 0037 GMT. US oil was down 94 cents, or 1.3 per cent, with the price per barrel at $70.87, according to the report.
The report also mentioned that the OPEC+ ministers agreed to increase the oil supply from August on Sunday. This was done in an effort to dampen prices that earlier this month climbed to the highest in around two and a half years in the wake of the Covid-19 pandemic and the recovery of the global economy. The group has since agreed to new production shares from May 2022, according to Reuters.
Check petrol and diesel prices for July 19 in the below table:
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