Petrol, diesel prices remain static on July 18; check rates in top cities

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Petrol prices remained the same on July 18 after a sudden hike on July 17 while diesel prices remained unchanged for the third consecutive day. Petrol prices hit record highs after rising by 30 paise on Saturday, according to Indian Oil Corporation, the country’s largest fuel retailer.

After Sunday’s revision, a litre of petrol and diesel in the national capital is being retailed at Rs 101.84 and Rs 89.87, respectively. In Mumbai, a litre of petrol and diesel costs Rs 107.83 and Rs 97.45, respectively. Currently, fuel prices are highest in Mumbai among all metro cities. While Jaipur had the highest petrol price among the non metros in the top 10 cities at Rs 108.48.

Fuel price above Rs 100 mark

Petrol prices have already crossed the Rs 100-mark in more than 20 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 113.21 and diesel at 103.15 per litre. 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.