Fuel Prices: Domestic petrol and diesel prices vary across states due to value added tax (VAT).
Petrol, Diesel Price Today: Petrol and diesel prices have touched new highs across the four metro cities on Wednesday, July 7, according to data released by the Indian Oil Corporation (IOC). In the national capital, petrol has scaled the three-figure mark to Rs 100.21, up 35 paise compared to the previous closing price of Rs 99.86 per litre and diesel prices have been increased by 17 paise from Rs 89.36 per litre to Rs 89.53 per litre. In Mumbai, the revised petrol and diesel prices stand at Rs 106.25 per litre and Rs 97.09 per litre. Petrol has also crossed the Rs 100 mark in Kolkata and is priced at Rs 100.23 per litre.
The fuel prices have been hiked four times in July, according to the information provided by the state-run oil refiner. The prices were increased 16 times in June. Fuel rates vary across the states in India due to value-added tax. (Also Read:How To Check Latest Petrol And Diesel Rates In Your City)
Here are the latest petrol and diesel prices across the four metro cities:
The state-run oil marketing companies – Bharat Petroleum, Indian Oil, and Hindustan Petroleum align the rates of domestic fuel with that of the global crude oil prices by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
Meanwhile, oil prices tumbled on Tuesday in a volatile session after OPEC producers canceled a meeting when major players were unable to come to an agreement to increase supply.
Brent crude settled down $2.63 a barrel or 3.4 per cent to $74.53 and U.S West Texas Intermediate (WTI) crude futures settled down $1.79, or 2.4 per cent, to $73.37.
