The prices of petrol and diesel remained unchanged on July 20 after reaching a record high earlier, according to a price notification by state-owned fuel retailers.
The last increase had taken the petrol price in Delhi near Rs 102 per litre-mark. The petrol price in the national capital soared to Rs 101.84 a litre. Diesel prices retailed at Rs 89.87 per litre, according to Indian Oil Corporation Limited's (IOCL) price listing.
The prices of petrol increased 63 times and diesel 61 times between January 1 and July 9, the government informed the Lok Sabha on July 19. However, during this period, the prices of petrol and diesel also decreased four times each, the government informed the House on the first day of the Monsoon Session 2021.
In Mumbai, the petrol price remained unchanged and retailed at Rs 107.83 a litre. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.
Diesel price also remained the same and sold at Rs 97.45 per litre in Maharashtra’s capital.
The fuel prices remain the same in Kolkata, where the prices of a litre of petrol and diesel were Rs 102.08 and 93.02, respectively.
Chennai also retailed a litre of petrol at the same price -- Rs 102.49. Diesel price also remained unchanged at Rs 94.39 per litre 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.
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 litre 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.
As much as 55 percent of the retail selling price of petrol in Delhi is made up of taxes (Rs 32.90 a litre excise duty collected by the central government and Rs 22.80 VAT levied by the state government). Half of the diesel price is made up of taxes (Rs 31.80 central excise and Rs 13.04 state VAT).
Since taking over as the new oil minister, Hardeep Singh Puri has been courting oil-producing nations to convey India's concern over high prices. He spoke to his counterpart in Qatar on July 10, and on July 14 dialled the UAE Energy Minister.
(With inputs from PTI)
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