Petrol, diesel prices remain steady on July 14; check rates in top cities

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Petrol and diesel prices remained steady on July 14 after yesterday’s revision. Today a litre of petrol in Delhi will costs Rs 101.19 and diesel Rs 89.72, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, a litre of petrol and diesel will cost Rs 107.20 and Rs 97.29 respectively. Currently, Mumbai continues to have the highest petrol price in all of the metro cities.

Monday’s revision  added up to Rs 10.50 for petrol and Rs 9.89 for diesel. The price of both petrol and diesel remained more or less the same for today.

On Monday, the petrol price was hiked for the 39th time since May 4 when fuel rates started increasing after the elections. This was also, the 7th hike of the month for petrol. The prices were hiked 16 times in June.

Here is the list of fuel prices in top-12 cities

Fuel price above Rs 100 mark

Petrol prices have already crossed the Rs 100-mark in 18 states and union territories – Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Jammu & Kashmir, Odisha, Manipur, Ladakh, Bihar, Punjab and others. Sri Ganganagar district of Rajasthan has the costliest petrol and diesel in the country with petrol selling at Rs 112.53 and diesel at Rs 102.98. Petrol and diesel prices changes every day at 6 am on the basis of international crude prices and foreign exchange rates.

Prices differ due to differences in taxes

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.