Fuel price hike: Petrol, diesel prices hiked again; Check revised rates
New Delhi, July 08: Another day, another disappointment as the prices of petrol and diesel hiked again on Thursday (July 8). While petrol becomes dearer by 0.35 paise, diesel by 0.9 paise in Delhi. The retail price of petrol in the national capital stands at Rs 100.56 per litre and diesel at Rs 89.62.
In Kolkata, West Bengal, one has to shell out Rs 100.62 for a litre of petrol and Rs 92.65 for a litre of diesel. In Bhopal, Madhya Pradesh, petrol is now being sold at Rs 108.88 per litre and diesel at Rs 98.40.
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.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates. International oil prices have firmed up in recent weeks in anticipation of demand recovery following the rollout of vaccination programme by various countries.
Brent crude oil had surged to USD 78 per barrel as OPEC+ proposal for a monthly output hike of 400,000 barrels per day from next month has been put on hold and lifting of US sanctions on Iran's exports no longer appears imminent.
The International Energy Agency (IEA) estimates global oil demand to recover to a pre-COVID level of 100.6 million barrels per day only in the fourth quarter of the 2022 calendar year, while OPEC+ proposal is to unwind production cuts fully by September 2022.