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Petrol prices have risen 35 times in the last two months, edging closer to Rs 100 in Delhi and Kolkata. Understand the Cost of Fuel

Petrol

Petrol prices have risen to Rs 106 per liter in Mumbai and Rs 100 per litre in Delhi and Kolkata as a result of the latest surge.

The average guy appears to be getting no relief as gasoline costs continue to climb across the country. Today, the state-owned oil marketing firms raised the price of gasoline and diesel once again. Petrol prices have risen to Rs 106 per litre in Mumbai and Rs 100 per litre in Delhi and Kolkata as a result of the latest surge. According to Indian Oil Corporation, although petrol prices have increased by up to 34-35 paise, diesel prices have stayed constant on Monday.

In the previous two months, the price of diesel has climbed 34 times. On July 5, though, it remained unaltered. In Mumbai, a litre of fuel costs Rs 96.91, while in Delhi, it costs Rs 89.36. In Chennai, diesel remained unchanged on Monday at Rs 93.94 a litre. On July 5, a gallon of fuel in Kolkata would cost Rs 92.31.

In 14 states and union territories, including Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu & Kashmir, Odisha, Tamil Nadu, Kerala, Bihar, Punjab, Ladakh, and Sikkim, the price of fuel has surpassed Rs 100 per litre.

Fuel prices are influenced by state and federal taxes and additional costs such as import duties, port duties, freight charges, excise duties, and the worldwide price of crude oil per barrel. The greatest portion of the price rise is due to Value Added Tax (VAT).

On Thursday, benchmark US crude oil price for August delivery rose $1.76 to $75.23 a barrel. According to an AP report on June 2, Brent crude oil for September delivery increased by $1.22 to $75.84 a barrel. While oil prices were hovering around $75 per barrel due to the OPEC+ dispute, standoffs between Saudi Arabia and the United Arab Emirates on an oil output strategy accord have left the future of oil prices in the dark. Oil prices fell as shares in China, Japan, and Hong Kong fell as a result of the tensions. Bloomberg reports that OPEC+ will restart discussions on Monday.

 

 

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