India saw 16 fuel price hikes in June 2021
It’s now July and, thankfully, there has been no change in petrol and diesel prices for two days. The last hike to the two fossil fuels was on June 29, by 28 paise (petrol) and 24 paise (diesel).
- Excise duty remains the same on July 1 as it was on June 1
- Crude oil prices are not expected to fall anytime soon
- Value-Added Tax (VAT) has increased by 99 paise a litre on petrol
There were a total of 16 price hikes in June – the same as in May 2021 – which have increased the price of petrol in Mumbai by Rs 4.18 a litre and that of diesel by Rs 4.03 a litre. Fuel prices have been on a constant surge since May, after oil marketing companies (OMCs) resumed their price increases on May 4.
Take a close at the price table above for four metro cities in India and you will find that the increase is maximum for the motorist in Delhi (Rs 4.32 a litre), followed by Mumbai (Rs 4.18 a litre), Kolkata (Rs 4.14 a litre) and Chennai (Rs 3.81 a litre). Excise duty remains the same on July 1 – Rs 32.90 – as it was on June 1.
What the price build-up data reveals
Data for the price build-up of petrol in Delhi reveals that over a month, the base price of petrol has risen by Rs 3.3 a litre, which dealers are paying but make 3 paise more as their commission per litre, even as freight costs per litre remained the same at 36 paise. Value-Added Tax (VAT) has increased by 99 paise a litre.
