Indian consumers will have to wait for at least 10 more days to get the benefit of a larger fall in retail prices of petrol and diesel that has become imminent following a sharp drop in global crude prices on Monday.
After international crude oil went into a free fall, fuel prices in India further reduced on Wednesday. The prices of petrol and diesel have been cut by more than Rs 2.
Petrol prices slipped below Rs 71-mark for the first time in eight months on Monday as India looks set to reap windfall from a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war.
This measure would help the state exchequer garner an additional Rs 1800 crore, state's Finance Minister Ajit Pawar said
The price of petrol was cut by 24 paise and that of diesel by 27 paise on Saturday across all major cities in India.
A day after the Budget, petrol and diesel prices were further cut on Sunday as international crude oil markets got hammered due to slump in demand because of coronavirus scare in China.
Crude oil rates rebounded on Friday after the World Health Organization (WHO) said travel and trade restrictions were not necessary due to the outbreak of coronavirus in China, indicating that the fuel prices may rise in the coming days.
Fuel prices dropped for the second consecutive day on Friday as price of petrol was cut by 14-15 paise and that of diesel by 15-16 paise across all major cities in the country.
How much you pay for your daily petrol, diesel may well be dependent on how Iran and US play out their escalated tensions in the gulf region after US's strike killing Iranian general in Baghdad
The council, chaired by the Union Finance Minister, has ministers in-charge of finance or taxation from all states as members. "At present, there is no proposal to reduce taxes on petrol and diesel," Sitharaman said in response to a question on whether the government proposes to reduce taxes so thatprices of petrol and diesel would come down.
The price of diesel has also increased to Rs 65.78, Rs 68.19, Rs 69 and Rs 69.53 per litre respectively in the four metros.
As the crude oil rates rise in the international market, the Oil marketing companies increased the price of petrol by 10 paise per litre in Delhi, Kolkata, Mumbai and Chennai, though there has been no change in the price of diesel for the second consecutive day.
In a response to a question from TMC MP Pratima Mondal on fuel adulteration, Pradhan said that in established cases of adulteration of petrol or diesel, OMCs have terminated 72 dealerships during the past five years.
Benchmark crude oil Brent crude on the International Market Intercontinental Exchange has risen nearly three dollars a barrel this month.
While petrol rates had been on a downward slide for the past five days, diesel prices after declining for three days remained unchanged on Tuesday and Wednesday.
Amid Prime Minister Narendra Modi's mission to eradicate plastic use, Nagpur's Uma Diwedi has successfully converted single-use plastics and other such junks into diesel.
Allaying fears of the automobile industry, Union Road Transport Minister Nitin Gadkari on Monday said there is no need to ban petrol and diesel vehicles as electric mobility has picked up momentum on its own and all buses would be electric in two years.
Petrol and diesel prices have registered a significant jump over the past six days, with Delhi seeing petrol prices increase to Rs 1.88 per litre and diesel prices hike to Rs 1.50 per litre.
Analysts have warned that the style of the attacks on Saudi Aramco's Abqaiq and Khurais oil facilities may add a permanent risk premium to oil and gasoline prices.
Global oil prices are on the boil again in the aftermath of the largest ever-disruption in crude production post drone attacks in Saudi Aramco's two of the largest oil processing facilities.
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