The petrol and diesel prices remained unchanged on Friday across various cities in the country, days after the government slashed excise duty on petrol and diesel to bring rates slightly down from the record-high levels.
Currently, the cost of one litre of petrol in Delhi stands at Rs 103.97 per litre and of diesel at Rs 86.67 per litre. In Mumbai, the petrol and diesel prices stand at Rs 109.98 per litre and Rs 94.14 per litre, respectively.
After the excise rates were cut, at least 23 states and Union Territories also announced a cut in VAT rates on petrol and diesel, giving a big relief to consumers.
Oil companies 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.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol.
Globally, oil prices settled slightly higher on Thursday, as the market grappled with a stronger US dollar along with concern over increasing US inflation, and after OPEC cut its 2021 oil demand forecast due to high prices. Brent crude futures settled up 25 cents to $81.59 a barrel after falling during the session to $81.66. U.S West Texas Intermediate (WTI) futures were up 23 cents to $82.87, bouncing off the session low of $80.20, according to news agency Reuters.
(Edited by : Anshul)
First Published: Nov 12, 2021 8:08 AM IST
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