With geopolitical tensions in West Asia continuing to fuel volatility in global crude oil markets, domestic fuel prices remain under close watch. Petrol and diesel prices across India continue to be revised daily under the dynamic fuel pricing mechanism introduced in June 2017, replacing the earlier system of fortnightly revisions on the 1st and 16th of every month.
Under the current system, fuel prices are updated every day at 6 am by oil marketing companies. Fuel prices vary across states and cities due to differences in Value Added Tax (VAT), state taxes and local levies.
Petrol prices on July 19
Petrol price in Delhi: Rs102.12/litre
Petrol price in Kolkata: Rs113.51/litre
Petrol price in Mumbai: Rs111.21/litre
Petrol price in Chennai: Rs108.01/litre
Petrol price in Hyderabad: Rs115.73/litre
Petrol price in Bengaluru: Rs110.89/litre
Diesel prices on July 19
Diesel price in Delhi: Rs95.20/litre
Diesel price in Kolkata: Rs99.82/litre
Diesel price in Mumbai: Rs97.83/litre
Diesel price in Chennai: Rs99.66/litre
Diesel price in Hyderabad: Rs103.82/litre
Diesel price in Bengaluru: Rs98.80/litre
Over the past four months, petrol and diesel prices have been revised upward four times amid the Iran war, resulting in a cumulative increase of around Rs7.5-8 per litre.
ALSO READ: FIFA World Cup Closing Ceremony, Final Halftime Show: Time, Performers — All You Need To Know
Reflecting a recent rebound in global crude oil prices, India has adjusted its export duties effective July 16. According to a Finance Ministry notification, the government has increased windfall taxes on the export of diesel and aviation turbine fuel (ATF), while simultaneously lowering the levy on petrol exports.
As of 19 July, petrol was priced at Rs102.12 per liter in Delhi, Rs111.21 in Mumbai, Rs113.51 in Kolkata, Rs108.01 in Chennai, Rs115.73 in Hyderabad and Rs110.89 in Bengaluru.
Diesel prices on the same day stood at Rs95.20 per liter in Delhi, Rs97.83 in Mumbai, Rs99.82 in Kolkata, Rs99.66 in Chennai, Rs103.82 in Hyderabad and Rs98.80 in Bengaluru.
The daily revision mechanism aligns domestic fuel prices more closely with changes in international crude oil prices and foreign exchange rates, while regional price differences continue to be driven primarily by varying state-level taxes and transportation costs.
ALSO READ: The Hidden Reason India's Largest Private Lender Slowed New Account Openings
The recent increases in fuel prices come amid heightened geopolitical tensions linked to the Iran conflict, which have contributed to volatility in global crude oil markets. The sustained rise in international oil prices has been reflected in retail domestic fuel rates, adding to transportation costs and inflationary pressures across the country.
Consumers are advised to check the latest fuel prices in their respective cities, as retail rates are revised every morning based on prevailing market conditions and tax structures.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.