India

Petrol Diesel price today Fuel rates remain static for fifth consecutive day Check latest rates here

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On August 29, 2021, the prices of petrol and diesel remained unchanged for the fifth consecutive day across the country. The state-run oil marketing companies (OMCs) have not hiked the prices of petrol and diesel on Sunday. In the national capital, the rate of a litre of petrol is retailing at Rs 101.49 per litre and diesel is available at Rs 88.92 per litre.

 

In Mumbai, petrol costs Rs 107.52 per litre and diesel is retailing at Rs 96.48 per litre, the highest in all metro cities. On May 29, India's financial hub became the first metro city where the petrol price surpassed Rs 100 per litre.

Meanwhile, in Chennai, the rate of petrol stands at Rs 99.20 per litre and diesel rate remained unaltered at Rs 93.52 per litre. It is to be noted that Chennai is the only metro city with the lowest petrol price at present, as the DMK government recently announced a tax cut of Rs 3 on petrol per litre in its first budget session.

The fuel rates remained steady in Kolkata too, where petrol is available at Rs 101.82 per litre and the rate of diesel stands at Rs 91.98 per litre.

Petrol, diesel rates soaring high:

Despite fuel prices remaining constant for the fifth consecutive day, the rates of petrol are soaring at an all-time high in cities like Bengaluru, Bhubaneshwar, Patna, Hyderabad, Jaipur, Bhopal and Trivandrum.

In Bhopal, the rate of petrol stands at Rs 109.91 per litre while that of diesel is Rs 97.72 per litre. On the other hand, in Rajasthan's capital, Jaipur, the rate of petrol and diesel stand at Rs 108.86 and Rs 97.51, respectively.

Rajasthan levies the highest VAT in the country, followed by Maharashtra and Madhya Pradesh. Diesel, the most used fuel in the country, has also breached the Rs 90 mark-per litre in all the metro cities, except Delhi.

Fuel rates constant since August 25:

Despite oil prices witnessing a rise in the international market and Brent futures rising to $7.5 a barrel within a week, there has been no change in the rates of petrol and diesel since August 25, 2021. On August 24, fuel rates saw a minor decline and the prices of petrol and diesel fell 15 paise per litre respectively.

The fuel rates fluctuated between May 4 and July 17 and petrol prices went up by Rs 11.52 per litre in 42 days. However, fuel rates remained constant since July 18 for over a month, following which the prices eased.

The prices of petrol and diesel have been on the rise in the country since May 4, 2021, after the OMCs ended an 18-day hiatus in rate revision that coincided with the assembly elections in the key states. The fuel rates vary from state to state and also in cities, depending on the incidence of local taxes like value-added tax (VAT) and freight charges.

Petrol and diesel prices depend on various factors like valuation of INR against USD, the consumption ratio of refineries and demand for fuel in our country. The fuel prices are revised by oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on international prices in the preceding 15 days and foreign stock exchange.

 

Source Indiatoday

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