The rise in gasoline and diesel prices in the country is uninterrupted, as there were also rises in the four metropolitan cities on the first day of June. After getting a triple for the first time ever, Mumbai gas station fares are close ₹While 101 diesel rates are also narrowing the gap.
Tuesday’s rise in prices was the 17th rise in fuel rates since May 4 and Mumbai now has a liter of petrol ₹100.72, double what New York fuel costs. Diesel is not far behind with a liter ₹92.69.
Delhi is pretty much better for drivers who have to pay now ₹94.49 liters of gasoline and ₹85.38 liters of diesel. The residents of Kolkata have to pay ₹94.50 per liter of gasoline and ₹88.23 per liter of diesel. Those in Chennai, however, may be warned that gasoline prices could triple. Today, there is a liter of gasoline ₹95.99 and per liter of diesel ₹90.12.
Changes in gasoline and diesel prices are the result of local taxes and levies imposed by different states in the country. The final price also includes a large portion of the taxes imposed by the central government. The daily revision of prices is influenced by changes in international crude oil prices and currency exchanges.
Global demand for oil has fallen sharply due to factors related to the pandemic, but according to a report by Reuters, the Organization of the Petroleum Exporting Countries (OPEC) and its allies could increase production as demand is seen as stabilizing. This has led to rising oil prices in the international market which would have an impact on India’s fuel rates. Many, however, have pointed out that even when prices were low, the advantage hardly passed to the Indian consumer.
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