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Petrol, diesel prices steady amid drop in global crude rates

 
New Delhi, Nov 17 (IANS) Consumers continue to get relief from rising fuel prices with oil marketing companies (OMCs) keeping pump prices of petrol and diesel unchanged post revision of duties by the state governments on Diwali eve.

Accordingly, their prices remained static for 13th consecutive day on Wednesday under the daily price revision mechanism followed by oil marketing 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. The diesel rates also remained unchanged in the capital at Rs 86.67 a litre.

In the financial capital Mumbai, petrol continues to be priced at Rs 109.98 a litre and diesel Rs 94.14 a 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.

Petrol prices in Chennai also continues to be Rs 101.40 per litre and diesel 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 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. 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. This could put pressure on oil companies to revise fuel p rices upwards again.

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.

Petrol prices have also risen on 28 of the previous 50 days taking up its pump price by Rs 8.85 per litre.

Since, January 1, 2021 petrol and diesel prices have risen by more than Rs 26 a litre before the duty cuts.

The excise duty cut by the Centre on November 3 was first such exercise since the onset of 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.

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.

--IANS
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