New Delhi, Nov 17, : .Consumers are still able to take relief from the rising prices for fuel with oil marketing corporations (OMCs).
These companies keep pump prices of petrol or diesel constant after revising duties on Diwali Eve by the states.Accordingly, their prices remained static for 13th consecutive day on Wednesday under the daily price revision mechanism followed by oil marketing companies.
Their prices were therefore stable for the 13th consecutive Wednesday, as per the daily price revision system followed by oil marketers companies.
The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m.on the Diwali day on November 4 from previous day’s Rs 110.04 a litre, remains the same.At 6 am on Diwali Day on November 4, petrol prices in Delhi fell to Rs.103.97 per litre from Rs.110.04 per litre.The diesel rates also remained unchanged in the capital at Rs 86.67 a litre.At Rs 86.67 per litre, diesel prices in Delhi remained the same.
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.
Fuel prices remained static in Kolkata also with petrol being sold at Rs 104.67 a litre after being slashed by Rs 5.82 and diesel at Rs 89.79 per litre after reduction of 11.77 per litre in the first week of November.The fuel prices in Kolkata remained stable, with petrol selling at Rs.104.67 per litre following a reduction by Rs 5.82.Diesel was sold at Rs.89.79 per-litre after a decrease of 11.77 per-litre during the first week in November.
Petrol prices in Chennai also continues to be Rs 101.40 per litre and diesel Rs 91.43 per litre.The petrol prices for Chennai are still at Rs 101.40 per Liter and the diesel price is Rs 91.43 Per Litre.
Across the country as well price of the fuel largely remained unchanged on Wednesday but the retail rates varied depending on the level of local taxes.The price of fuel in the United States remained essentially the same on Wednesday, but retail prices varied according to the local tax.
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 now to less th a $ 82 a barrel.Global crude oil prices have fallen to $82 per barrel, after reaching a three-year high of more than $85 per barrel.
Rise in US inventory has pushed down crude prices but OPEC + decision on only gradual increase in production in December could raise cr ude prices further.Crude oil prices have fallen due to rising US inventories.
However, OPEC+’s December decision to increase production only gradually could lead crude prices to rise further.This could put pressure on oil companies to revise fuel p rices upwards again.
Oil companies could be forced to raise fuel prices again by this pressure.
Before price cuts and pauses, diesel prices had increased on 30 out of the last 54 days taking up its retail price by Rs 9.90 per litre in Delhi.Diesel prices were higher than before price cuts or pauses.They had risen on 30 of the past 54 days, bringing its retail price to Rs 9.90 per Liter in Delhi.
Petrol prices have also risen on 28 of the previous 50 days taking up its pump price by Rs 8.85 per litre.The petrol prices also rose on 28 days out of 50, bringing the pump price up by Rs 8.85 per Liter.
Since, January 1, 2021 petrol and diesel prices have risen by more than Rs 26 a litre before the duty cuts.The petrol and diesel prices for the January 1, 2021 have increased by Rs 26 per litre since then, before the duties cuts.
The excise duty cut by the Centre on November 3 was first such exercise since the onset of Covid pandemic.This was the first time that the Centre had cut excise duties 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 additional resources for Covid relief measures.To mobilize more resources to support Covid relief, the government had actually increased excise duty for petrol and 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 the Centre decided on the duty cut.Between March 2020, 2020, and May 2020, the excise tax was increased by Rs 13 per litre for petrol and diesel.It was high at Rs 31.8 per litre for diesel and Rs 32.9 per per litre petrol when the Centre cut it.
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