Petrol and diesel prices on Thursday remain unchanged once again but the already record rates continue to hurt consumers in ways more than one. Almost daily hikes in fuel rates across the country has fired both petrol and diesel to unprecedented rates with per litre price of petrol now above ₹100 in as many as seven state capitals in the country.
While Thursday marked the second day of petrol and diesel prices remaining unchanged, these remain at astronomically high levels with a litre of petrol at ₹104.90 in Mumbai. Diesel in Maharashtra's capital is at 96.72 for every litre.
Bhopal, capital city of Madhya Pradesh, is selling petrol at an even more astronomical rate of ₹107.07 for each litre and diesel here is at ₹97.93.
In neighbouring Rajasthan, a litre of petrol in Jaipur will cost you ₹105.54 while diesel is at ₹98.29 per litre.
If buying petrol in Karnataka's capital city of Bengaluru, be prepared for record rates too. Here, a litre of petrol is at 102.11 while diesel is being sold at ₹94.54.
Motorists in Bihar's Patna have to currently pay ₹100.81 while diesel is at ₹94.52 while the rates in Hyderabad stand at ₹102.69 and ₹97.20 per litre, respectively.
From north to south, petrol and diesel prices in Srinagar are at ₹101.78 and ₹92.80 and are at ₹100.79 and ₹95.74 in Thiruvananthapuram.
Check petrol and diesel prices in major Indian cities today - July 1, 2021:
The main reason for the variations in petrol and diesel prices are the differences in taxes and levies imposed by state governments on both fuels. These, apart from the taxes imposed by the central government, form a bulk of the final price that a consumer is charged.
This is what has also often led to a political slugfest with central government and states where opposition parties are in power asking each other to reduce taxes to provide relief to consumers. Recently, oil minister Dharmendra Pradhan also said that the central government is using revenue generated to fund various welfare schemes in the country.
High oil prices, however, are likely to have a wider impact than just on the wallet of someone going to a fueling station. Many have begin pointing out to an impact on disposable incomes with families and increase in inflationary pressures.