This is the first revision in commission paid to dealers in nearly eight years. The dealer commission revision has happened following the withdrawal of the court cases.
OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production.
The drop in prices of petrol and diesel was expected as international crude oil prices dropped and have remained stable for some time.
The Rs 23,250 per tonne additional tax on crude oil produced domestically has been cut to Rs 17,000 per tonne.
Maharashtra fuel price cut: Shinde informed reporters after a cabinet meeting at Mantralaya that the decision would entail a burden of Rs 6,000 crore on the state exchequer.
Petrol price on Sunday was slashed by Rs 8.69 a litre and that of diesel by Rs 7.05 per litre following the govt's decision to cut excise duty on auto fuels, giving relief to consumers battered by high fuel prices that had pushed inflation to a record high
Participating a debate in Lok Sabha on the fuel price rise, Puri defended the Centre and said that price of petrol have been raised by Rs 9 over 12 or 13 days, whereas the international prices have shot up.
Earlier on Tuesday, the central government had hiked the prices of petrol and diesel prices by 80 paise a litre each while domestic cooking gas LPG rates were increased by Rs 50 per cylinder.
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre each while domestic cooking gas LPG rates were increased by Rs 50 per cylinder.
Petrol pump sales have jumped by a fifth this month after bulk users like bus fleet operators and malls queued up at petrol bunks to buy fuel rather than the usual practice of ordering directly from oil companies, widening the losses of retailers.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said oil companies will determine the fuel prices and assured that there will be no shortage of crude oil in the country.
Presently, 10 per cent ethanol, extracted from sugarcane or surplus foodgrain, is blended or mixed in petrol (meaning 10 per cent of ethanol mixed with 90 per cent of petrol) with a view to cutting oil import dependence and provide farmers with an additional source of income.
Fuel prices have fallen in Delhi as it reduced the value added tax (VAT) on the fuel from 30 per cent to 19.40 percent on Wednesday.
Mamata Banerjee said that the Centre slashed excise duty recently on petrol and diesel with an eye on the upcoming Assembly elections in five states.
Petrol will cost Rs 103. 97 per litre in Delhi against Rs 110. 04 per litre, according to a price notification of state-owned fuel retailers. Diesel rates accordingly will reduce to Rs 86. 67 per litre from Rs 98. 42 per litre
"The state government has decided to reduce the VAT by Rs 7 and Rs 2 respectively on petrol and diesel," Additional Chief Secretary Navneet Sehgal said
After Assam, Tripura Chief Minister Biplab Kumar Deb on Wednesday announced that petrol and diesel prices in the state will be reduced by Rs 7 effective from November 4 (Thursday).
The petrol and diesel prices in the national capital today are Rs 110.04 and Rs 98.42 per litre respectively
The Central government is in talks with several oil-exporting countries on the issue of supply and demand of oils but there is no possibility of immediate relief in prices.
The Central government is in talks with several oil-exporting countries on the issue of supply and demand of oils but there is no possibility of immediate relief in prices.
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