Fuel Price Update: Delhi, Mumbai, Chennai, Kolkata And More, Check The Latest Rates For July 7
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that oil marketing companies still have expensive crude oil purchased earlier.
New Delhi: Crude oil prices in the international market have reached a four-month low, but Indian consumers are not going to benefit from this at the moment. On July 7, petrol and diesel prices remained stable across the country. After tensions in West Asia subsided, Brent crude prices have declined, but there is no possibility of an immediate reduction in fuel prices in the domestic market.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that oil marketing companies still have expensive crude oil purchased earlier. Companies are using the same stock, so the recent fall in international prices will not have an immediate impact on retail fuel prices.
When was the last time the prices of petrol and diesel changed?
The prices of petrol and diesel in the country were last changed on May 25. At that time, government oil companies had increased the price of petrol by Rs 2.61 per litre and diesel by Rs 2.71 per litre. Prices have remained stable since then.
What are the latest rates in big cities?
In the national capital Delhi, petrol is being sold at Rs 102.12 per litre and diesel at Rs 95.20 per litre. The price of petrol in Mumbai is Rs 111.21, and diesel is Rs 97.83 per liter. Hyderabad is among the most expensive cities, with petrol at Rs 116.99 and diesel at Rs 105.03 per litre. At the same time, petrol remains above Rs 100 in Kolkata, Bengaluru and Chennai.
Did Nayara Energy give relief?
While state-run companies have kept prices unchanged, Rosneft-backed Nayara Energy has reduced the price of petrol by Rs 5 per litre and diesel by Rs 3 per litre at its nearly 7,000 petrol pumps. However, this relief is limited to Nayara outlets only.
How are the prices of petrol and diesel decided in India?
Fuel prices in India depend on many factors. The most important among these is the price of crude oil in the international market. Apart from this, the position of the rupee against the dollar also plays an important role, because India imports most of the crude oil it requires.
Taxes imposed by the central and state governments also form a major part of the retail prices of petrol and diesel. This is the reason why fuel prices are different in different states. Apart from this, transportation costs and local demand also affect the prices.
When can we get relief?
Experts believe that if the prices of crude oil in the international market remain at this level for some time and the expensive stocks of oil companies get exhausted, then there may be a possibility of relief in the prices of petrol and diesel. For now, consumers may have to wait a little longer for the prices to drop.
