Petrol, Diesel Prices Stable After 8-Day Decline; Check Rates Here
Since October 18, petrol prices have dropped by nearly Rs 4.68 a litre in Mumbai and Rs 6.39 per litre in Delhi.
New Delhi, November 21: Following an 8-day consecutive decline, fuel prices on Wednesday remained stable. Petrol in Delhi-NCR will be charged at Rs 76.38 per litre and diesel at Rs 71.27 per litre -- the same rate which was applicable on Tuesday.
In Kolkata, Mumbai and Chennai, prices will remain unchanged at Rs 78.33 per litre, Rs 81.90 per litre and Rs 79.31 per litre, respectively. Diesel will also be charged at yesterday's rates, which are: 73.13 a litre in Kolkata, Rs 74.66 in Mumbai and Rs 75.31 a litre in Chennai. The prices have been shared by Indian Oil Corporation. '28% GST + VAT' if Petrol, Diesel Brought Under Goods & Services Tax Regime: Report.
Since October 18, petrol prices have dropped by nearly Rs 4.68 a litre in Mumbai and Rs 6.39 per litre in Delhi. This was preceded by a cut in excise duty upto Rs 2.5 per litre by the Centre, and a similar relief extended on VAT by most state governments.
Market observers claim the prime reason for the dip in fuel prices is the weakening of global crude rates. After peaking to a four-year high of $86 per barrel in August, the brent crude oil rates have plummeted to as low as $63.2.
In a major relief to the Indian government, the United States had earlier in the month granted exemption to eight jurisdictions, including New Delhi, to import crude oil from Iran. If India been forced to end Iranian oil imports, the country would had to procure additional fuel from OPEC nations -- who reportedly charge higher than Iran.
(The above story first appeared on LatestLY on Nov 21, 2018 09:21 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).