Petrol prices remain unchanged for 18th day in a row

Petrol and diesel prices remain static across the country as Oil Marketing Companies have kept prices at levels specified by the central and state government's revised regulation of duties on Diwali. Indians have breathed a sigh of relief as prices remained capped, following days of surge which saw petrol and diesel prices climb beyond ₹100 in major metros and other parts of the country although retail rates differed according to local taxes.

The pump price of petrol in Delhi remains unchanged, as it fell to ₹103.97 a litre at 6 AM on the day of Diwali, November 4, from previous the previous day's level of ₹110.04 a litre. The diesel prices also remained unchanged at Rs 86.67 a litre. In the financial capital Mumbai, petrol continues to be priced at ₹109.98 a litre and diesel at ₹94.14 a litre.

Prices also remained static in Kolkata where the price of petrol reduced by ₹5.82 to ₹104.67 per litre and that of diesel by ₹11.77 to ₹89.79 per litre in the first week of November. In Chennai, prices of fuel remained at ₹101.40 per litre and diesel ₹91.43 per litre.

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 below $ 79 barrel. Rise in US inventory has pushed down crude prices but OPEC+ decision on only gradual increase in production in December could raise crude prices further.

Excise duties on fuel were raised by the Indian government to raise funds for mobilisation of resources for the Covid-19 pandemic. The excise duty cut by the Centre on November 3 was first such exercise since the onset of Covid pandemic. 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 duty cut.