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Fuel Price Cut Latest Updates: At a time when the prices of petrol and diesel did not change for the past many months now, there is a possibility that the fuel price will further be slashed in the days to come as the crude oil price in the international market hits multiple-month low. Significantly, crude oil prices have remained $90 per barrel for the past few weeks. The crude oil prices in November declined almost by 7 per cent.
In the wake of these developments, IIFL Securities director and veteran market expert Sanjiv Bhasin on Friday predicted that petrol and diesel rates could be slashed by at least Rs 5 on Monday.
“On Monday you could see at least Rs 5 cut in petrol and diesel prices because of a fall in crude,” he was quoted as saying by Zee Business.
Even though the crude oil prices in the global market have gone down below $90, the prices of petrol and diesel in India remained unchanged for many months now.
However, the prices of petrol and diesel were last revised in May 2022. The Centre had reduced the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.
It should be noted that India is dependent on imports to meet nearly 85 percent of its oil needs and so benchmarks local fuel rates to international oil prices.
The retail prices of petrol and diesel in Delhi are Rs 96.72 and Rs 89.62 per litre, respectively. In Mumbai, a litre of petrol is sold at Rs 106.31 and a litre of diesel costs Rs 94.27. A litre of petrol costs Rs 102.63 in Chennai, and a litre of diesel costs Rs 94.24. In Kolkata, the price of petrol is Rs. 106.03 and that of diesel is Rs. 92.76 a litre.
Maharashtra Chief Minister of Maharashtra Eknath Shinde had on July 15 reduced the Value-Added Tax (VAT) on petrol by Rs 5 per litre and Rs 3 per litre on diesel.
On the other hand, the Meghalaya government increased the VAT on both the fuels on August 24, because of which petrol price in Shillong now is Rs 96.83 per litre, while diesel is retailing at Rs 84.72 per litre.
Notably, the main Oil Marketing Companies such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise petrol and diesel prices daily at 6 am in line with international benchmark prices and forex rates.
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