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.
Fuel prices dropped further for the fifth consecutive day on Monday as international crude prices fell due to demand slump. The Price of petrol was cut by 13-16 paise a litre and that of diesel by 16-20 paise a litre across all major cities in India.
Petrol and diesel prices continued to fall for the third consecutive day on Saturday. Petrol has become cheaper by 44 paise per liter in the national capital in these three days, while consumers have got a relief of 45 paise per liter in the price of diesel.
Though on Monday, the petrol rates in the international market remained unchanged, the Brent crude oil rates were the highest in the past two months.
The price of petrol rose by 14 paise per litre in Delhi, Kolkata and Mumbai, while by 15 paise/litre in Chennai. The fuel has become costlier by 47 paise in Delhi, Kolkata and Mumbai, and 50 paise in Chennai, in three days.
Brent crude's January delivery contract on the international futures market Intercontinental Exchange was trading at $61.91 per barrel, slipped by 0.24 per cent on Wednesday.
Continuing the downward trend, prices of petrol and diesel dropped across metro cities on Monday. Fuel prices across Delhi, Mumbai, Kolkata and Chennai were slashed today.
Petrol price has gone up by Rs 2.25 a litre while that of diesel by Rs 1.75 a litre since September 17 after the drone attacks on Saudi oil facilities on September 13.
Petrol price was on Sunday hiked by 27 paise to Rs 73.62 a litre in the Delhi market -- the benchmark for national rates, according to a price notification by state-owned oil firms.
Following the largest ever-disruption of crude production in Saudi Arabia amid drone attacks on its key facilities, prices of petrol and diesel in India may shoot up by Rs 5 to 6 a litre in next fortnight, experts said on Monday.
The retail prices of petrol were lowered by 7 paise for the second successive day across four metro cities on Monday. Diesel prices, on the other hand, were reduced by 8-9 paise.
Discussion to bring petrol and diesel prices under GST in again on the peak. According to reports, trade association 'Associated Chambers of Commerce and Industry of India' or ASSOCHAM has demanded to include petroleum products and stamp duty in GST. If the government considers the recommendation of ASSOCHAM and petroleum products are included in the GST, then the price of petrol and diesel can witness a huge reduction.
Cess on petrol and diesel was raised by Re 1 per litre, while customs duty on gold was also increased to 12.5 per cent from existing 10 per cent on Friday, while Finance Minister Nirmala Sitharaman presented her maiden budget in the Lok Sabha. Read on to know the revised rates of petrol and diesel in your city.
Petrol and diesel prices may increase sharply soon after new government comes to power at the Centre with oil companies looking to raise the retail price of the two transport fuels between Rs 3-5 per litre in phases and make up for losses they incurred by keeping the prices at artificially low levels in the run up to elections 2019.
Official sources said that public sector oil marketing companies (OMCs) have been told in no uncertain terms to keep a check on the rising price transport fuels - petrol and diesel - even though rise in global oil prices and India's daily pricing mechanism makes it impossible to control price rise.
Petrol and diesel prices have increased by more than Rs 2 per litre each during January.
Meanwhile, petrol prices in Mumbai witnessed an increase of 7 paise/litre to be sold at Rs 76.18 per litre, while diesel is being sold at Rs 68.02 per litre.
With petroleum products being outside the GST regime, prices vary as a result of local taxes.
State-run oil marketing companies increased petrol rates by 49-60 paise per litre on Sunday, while diesel prices were raised by 59-75 paise across the four major metros.
Petrol prices have been on a decline since October 18 except for one day.
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