The prices of petrol and diesel in several metro areas have remained steady today. Petrol prices in cities such as New Delhi, Kolkata, Mumbai, Chennai, and Bangalore will remain constant today. There has been no change in domestic auto fuel prices in over four months despite the global crude oil prices breaching the three-figure mark and touching multi-year highs.
The prices across key cities were collectively last revised on November 4, 2021, when the central government cut the excise duty on the two key fuels to bring down their retail rates from their record highs and had urged state governments to cut VAT on fuel. Thereafter, various states had reduced VAT on auto fuels.
Petrol and diesel prices in the country differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.
Generally, the oil marking companies (OMCs) revise rates of petrol and diesel daily, based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.
Oil prices settled higher on Friday but posted their steepest weekly decline since November, as traders assessed potential improvements to the supply outlook that has been disrupted by Russia’s invasion of Ukraine.
Crude prices have soared since the invasion, which Moscow calls a “special military operation.” This week, futures benchmarks hit their highest levels since 2008, then pulled back sharply as some producing countries signalled they may boost supply.
Brent crude futures rose $3.34, or 3.1 per cent, on Friday, settling at $112.67 a barrel, after hitting a session low of $107.13. U.S. West Texas Intermediate (WTI) crude futures rose $3.31, or 3.1 per cent, to settle at $109.33 a barrel, off the session low of $104.48, Reuters reported.
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