No change in fuel prices on Tuesday

The pump price of petrol in the national capital Delhi on Thursday remained steady at Rs 103.97 a litre and diesel prices at Rs 86.67 a litre. The fuel prices had last gone down when the Central government had reduced the excise duties on Diwali eve, November 4. The petrol price in the financial capital Mumbai continued to be at Rs 109.98 a litre and diesel Rs 94.14 a litre.

Consumers find themselves at ease as the fuel prices continue to remain static for the 19th consecutive day on Tuesday as the oil marketing companies (OMCs) continue to keep the pump prices of petrol and diesel unchanged.

The pump price of petrol in the national capital Delhi on Thursday remained steady at Rs 103.97 a litre and diesel prices at Rs 86.67 a litre.

The fuel prices had last gone down when the Central government had reduced the excise duties on Diwali eve, November 4.

The petrol price in the financial capital Mumbai continued to be at Rs 109.98 a litre and diesel Rs 94.14 a litre.

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Even with lower fuel prices, petrol continued to be the most expensive in Delhi among all the NCR cities as the state government did not revise the VAT on petroleum products.

Prices also remained static on Tuesday 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.

Petrol price in Chennai also remained at Rs 101.40 per litre and diesel Rs 91.43 per litre.

Across the country as well, the prices largely remained unchanged on Tuesday but the retail rates varied depending on the level of local taxes.

The global crude prices which has touched a three-year high level of over $85 a barrel on several occasions in the past one month has now softened to below $ 80 barrel.

Rise in the US inventory and release of strategic oil by few countries has pushed down crude prices but OPEC+ decision on only gradual increase in production in December could raise crude prices further.

Before the price cuts and pause, diesel rates increased on 30 out of the last 60 days taking up its retail price by Rs 9.90 per litre in Delhi.

Petrol prices also rose on 28 of the previous 56 days taking up its pump price by Rs 8.85 per litre.

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

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

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The 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.