Petrol and diesel prices on August 8 were left untouched by Oil Marketing Companies again. After 75 days now, fuel prices have held steady in the Indian market, except in Maharashtra. The Government of Maharashtra had announced a Value-Added Tax (VAT) cut on petrol and diesel by Rs 5 per litre and Rs 3 per litre respectively last month. Since May 21, fuel prices in India have remained stagnant when Finance Minister Nirmala Sitharaman announced an excise duty cut on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.
Today, petrol price in Delhi stands at Rs 96.72 per litre as opposed to Rs 105.41 a litre earlier to the excise duty cut, while diesel price in Delhi is Rs 89.62 per litre as against Rs 96.67 a litre. One litre of petrol in Mumbai costs Rs 106.31 per litre, while one litre of diesel retails at Rs 94.27 per litre today.
Today, petrol price in Delhi stands at Rs 96.72 per litre as opposed to Rs 105.41 a litre earlier to the excise duty cut, while diesel price in Delhi is Rs 89.62 per litre as against Rs 96.67 a litre. One litre of petrol in Mumbai costs Rs 106.31 per litre, while one litre of diesel retails at Rs 94.27 per litre today.
Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) set the fuel prices daily in line with international benchmark prices and foreign exchange rates. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.
Crude oil price
On Monday, crude oil prices fell due to recession fears across the world and inflation worries. On August 8, Brent crude futures were down 74 cents at $94.18 a barrel, while WTI Crude was at $88.34 a barrel, down 67 cents, as per Reuters.