petrol And diesel prices remained unchanged for the second consecutive day on Friday. There has been a recent drop in fuel prices across the country over the past few weeks. The most recent change in rates was on September 1, 2021. This was when petrol and diesel rates were reduced in major metro cities. The price of petrol was reduced by 10 to 15 paise, while that of diesel was reduced by 14 to 15 paise. Before that change, at the end of August, fuel rates Been staying for a whole week.
The price of petrol in the country’s capital Delhi was Rs 101.34 per liter. Petrol price in the financial capital Mumbai came down to Rs 107.39 per liter from where it has remained. This marked a 13 paise drop in rates for the metro city. Moving south, Chennai city had last seen a drop of 12 paise in its prices, taking the final price to Rs 99.08 per litre. In Kolkata, motorists continue to pay Rs 101.72 per liter of petrol, which is 10 paise less than what they paid before the price cut. Citizens in Bangalore saw the latest price of petrol at Rs 104.84 per liter, which was a cut of 14 paise.
Coming to diesel prices, the fuel rate in Delhi saw a drop of 15 paise, taking the diesel rate in the city to Rs 88.77 per litre. In Mumbai, the diesel rate has remained stable at Rs 96.33 per liter, a decline of 13 paise. Prices continue to be Rs 93.38 per liter and Rs 91.84 per liter in Chennai and Kolkata respectively. In Bangalore, drivers are spending Rs 94.19 per liter of diesel.
Fuel prices in India vary from state to state due to state-wise taxation. The majority of the final retail price comes from excise duty, value added tax (VAT) and central government taxes. National level calculations aside, the base price of the fuel in the country is also dependent on the international price of crude oil per barrel. More often than not, the benchmark for this is Brent crude oil futures. There is another factor to consider in the dollar to rupee exchange rate.
Oil prices rose by more than $1 a barrel on Thursday, according to a Reuters report. It hit back at optimism about global economic growth despite the coronavirus pandemic. Keep in mind that this comes after US crude inventories fell more than expected, as noted in the report.
Brent crude rose by $ 1.44, or 2 percent, to the final price at $ 73.03 a barrel. West Texas Intermediate (WTI) crude edged higher by $1.40, or 2 percent, leaving the price at $69.99 a barrel, according to Reuters. It was also noted that the rally pushed US crude oil futures above the 50-day moving average for the first time in months. This is a good sign for investors. Overall, there were indications that demand was expected to rise due to a fall in supply. It is to be noted that crude oil prices were slipping earlier as investor confidence was hit in the wake of the delta version of Covid-19 in the earlier weeks.
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