petrol-diesel
Petrol Diesel Price Today, 26 July: There has been no change in the prices of petrol and diesel across the country on 26 July. Government oil companies are still maintaining the old rates. However, there have been fluctuations in the prices of crude oil in the international market during the last few days. Recently, due to increased tension between America and Iran, the prices of Brent crude oil had increased rapidly. On Thursday, Brent crude had reached around $ 100.69 per barrel. The reason for this was the tension related to Iran and the possibility of global oil supply being affected. Especially due to the increasing concern regarding the Strait of Hormuz, oil had become expensive in the international market.
Now the news of resumption of talks between America and Iran came out. This reduced the risk of war and brought relief to the oil market. The effect of this was that by Sunday, Brent crude oil fell by 3.88% to $ 96.78 per barrel. At the same time, American WTI crude also declined by 3.12% to reach $ 89.31 per barrel. Despite this, there has been no change in the prices of petrol and diesel in India at present. The prices of petrol and diesel were last increased in the country on May 25. At that time, government oil companies had increased the price of petrol by Rs 2.61 per liter and diesel by Rs 2.71 per liter. Since then the prices have remained stable.
Price of petrol and diesel in major cities
If we talk about major cities, petrol is being sold at Rs 102.12 per liter and diesel at Rs 95.20 per liter in Delhi. Whereas in Mumbai petrol is Rs 111.21 and diesel is Rs 97.83 per litre. Apart from this, the price of petrol in cities like Kolkata, Bengaluru and Hyderabad still remains more than Rs 110 per liter. Whereas the price of diesel is less than Rs 100 per liter in most cities. However, diesel is being sold at Rs 103.82 per liter in Hyderabad and Rs 100.92 per liter in Chennai.
How are the prices of petrol and diesel decided in India?
Petrol and diesel prices in India depend on many factors. The biggest impact is on the prices of crude oil in the international market. When crude oil becomes expensive, the prices of petrol and diesel are likely to increase. Apart from this, the exchange rate of rupee and dollar also plays an important role. India buys most of its crude oil needs from abroad. In such a situation, if the rupee weakens against the dollar, then oil import becomes expensive and this may affect the fuel prices.
Why are the prices of petrol and diesel different in every city?
The prices of petrol and diesel vary in different cities of the country. The biggest reason for this is the taxes (excise duty and VAT) imposed by the central and state governments. The VAT rate is different in every state, hence there is a difference in prices. Apart from this, transportation cost and local demand-supply situation also affect fuel prices.
Also read- Trump’s big decision amid Hormuz crisis, will crude oil prices reduce?
