Petroleum Marketing Companies (OMCs) have kept diesel and gasoline prices unchanged in major Indian cities since November 3, 2021, when the Center and some states cut tariffs.
Last month, the Delhi government reduced the value-added tax on gasoline from 30 percent to 19.40 percent. With this, the oil prices in the national capital were reduced by 8.56 rupees per liter.
As a result, diesel and gasoline prices in Delhi stood at Rs 86.67 per liter and Rs 95.41 per liter on Wednesday, respectively.
In Mumbai, gasoline is retailed at Rs 109.98 per liter, while diesel is sold at Rs 94.14 per liter. Among metropolitan cities, fuel prices are consistently the highest in Mumbai. Fuel prices vary from state to state due to value added tax or VAT.
Diesel and gasoline prices also remained stable in Kolkata at Rs 89.79 and Rs 104.67. In Chennai too, they remained unchanged at Rs 91.43 and Rs 101.40.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum review fuel prices daily, taking into account crude oil prices in international markets and rupee-to-dollar exchange rates.
Across the country, too, the price of fuel was largely unchanged on Wednesday, but retail prices varied depending on the level of local taxes. Prices have remained unchanged since Nov. 3, when the Center and some states cut fuel taxes.
Crude oil prices rose by Rs 20 to Rs 5,697 a barrel on Tuesday as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for January delivery traded up Rs 20, or 0.35%, to Rs 5,697 per barrel in 8,108 lots.
Globally, West Texas Intermediate crude was trading up 0.33% to $ 76.33 per barrel, while Brent crude was trading 0.32% to $ 79.23 per barrel At New York.
(With contributions from the Agencies)
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Posted on: Wednesday January 05, 2022 08:25 IST