New Delhi, Nov.New Delhi, Nov.14 : .Fuel prices in India have remained stable following revisions of duties by state governments and the Centre providing additional relief for consumers from the steady increase in rates earlier. Accordingly, petrol and diesel prices remained unchanged for the 10th consecutive day on Sunday under the daily price revision mechanism followed by the oil marketing companies.According to the daily price revision mechanism used by oil marketing companies, petrol and diesel prices remained the same for the 10th consecutive Sunday.
The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m.last on the Diwali day on November 4 from the previous days level of Rs 110.04 a litre, remains at the same level on Sunday.At 6 a.m.on Diwali Day, the pump price for petrol in Delhi fell to Rs103.97 per litre from Rs 110.04 per litre.It remains the same price on Sunday.The diesel prices also remain ed unchanged in the capital at Rs 86.67 a litre.Diesel prices in Delhi remain unchanged at Rs 86.67 per litre.
In the financial capital Mumbai, petrol continues to be priced at Rs 109.98 a litre and diesel Rs 94.14 a litre.Mumbai’s financial capital continues to have petrol at Rs.109.98 per litre and diesel at Rs.94.14 per litre.
Prices also remained static on Sunday in Kolkata where the price of petrol reduced by Rs 5.82 to Rs 104.67 per litre and that of diesel by Rs 11.77 to Rs 89.79 per litre in the first week of November.The prices remained stable in Kolkata on Sunday, where petrol was reduced by Rs 5.82 per litre to Rs104.67 per gallon and diesel by Rs 11.77 per litre during the first week in November.
Petrol price in Chennai also remained at Rs 101.40 per litre and diesel Rs 91.43 per litre.The petrol price in Chennai remained at Rs 101.40 per Liter and diesel at Rs 91.43 Per Liter.
Across the country as well, price of the fuel largely remained unchanged on Sunday but the retail rates varied depending on the level of local taxes.The price of fuel was stable across the country on Sunday, but retail rates vary depending on local taxes.
The global crude prices which has touched three year high level of over $85 a barrel on several occasions in past one month has softened a bit now to a round $82 a barrel.Global crude oil prices have fallen to $82 per barrel, after reaching a three-year high of more than $85 a barrel on multiple occasions over the past month.
Rise in US inventory has pushed down crude prices but OPEC+ decision on only gradual increase in production in December could raise crude prices further.Although crude oil prices have fallen due to rising US inventories, OPEC+’s December decision on a gradual increase in production could cause crude prices to rise further.
This could put pressure on oil companies to revise fuel prices upwards again.This could cause oil companies to raise fuel prices again.
Before the price cuts and pause, diesel prices had increased on 30 out of the last 51 days taking up its retail price by Rs 9.90 per litre in Delhi.Diesel prices were higher in Delhi than they were before the price cuts and pause.They had risen on 30 of the 51 days preceding the price cut.
Petrol prices have also risen on 28 of the previous 47 days taking up its pump price by Rs 8.85 per litre.The petrol prices have also increased on 28 days in a row, bringing the pump price up to Rs 8.85 per Liter.
Since January 1, petrol and diesel prices have risen by more than Rs 26 a litre before the duty cuts.Before the duty cuts, petrol and diesel prices rose by more than Rs 26 per litre since January 1.
The excise duty cut by the Centre on November 3 was first such exercise since the onset of Covid pandemic.The Centre cut the excise duty on November 3, the first such action since the outbreak of the Covid pandemic.
In fact, government had revised excise duty on petrol and diesel sharply in March and again in May last year to mobilise a dditional resources for Covid relief measures.To mobilize additional resources for Covid relief, the government had in fact revised excise duty on petrol & diesel in March and May.
The excise duty was raised by Rs 13 and Rs 16 per litre on petrol and diesel between March 2020 and May 2020 and was standing high at Rs 31.8 on diesel and Rs 32.9 per litre on petrol before finally the Centre decided on duty cut.Between March 2020 and May 2020, the excise duty on petrol and diesel was increased by Rs 13 per litre and Rs 16 per per litre.It was high at Rs 31.8 for diesel and Rs 32.9 for petrol before the Centre decided to reduce it.
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