Gasoline and diesel prices remain unchanged on Sunday after tariffs were revised by central and state governments on the eve of Diwali, offering continued relief to consumers.
As a result, gasoline and diesel prices remained static for the 17th day in a row on Sunday under the daily price review mechanism followed by oil marketing companies.
The pump price of gasoline in Delhi, which fell to Rs 103.97 per liter at 6 a.m. on November 4 from the previous day’s level of Rs 110.04 per liter, remained the same on Sunday. .
Diesel prices also remained unchanged in the capital at Rs 86.67 per liter.
In the financial capital Mumbai, gasoline continues to be priced at Rs 109.98 per liter and diesel at Rs 94.14 per liter.
Prices also remained static on Sunday in Calcutta where the price of gasoline was reduced from Rs 5.82 to Rs 104.67 per liter and that of diesel from Rs 11.77 to Rs 89.79 per liter over the course of the first week of November.
The price of gasoline in Chennai also remained at Rs 101.40 per liter and diesel at Rs 91.43 per liter.
Across the country, too, prices were largely unchanged on Sunday, but retail prices varied depending on the level of local taxes.
Global crude prices, which hit their three-year high at over $ 85 a barrel on several occasions over the past month, have now sagged to less than $ 80 a barrel. Rising inventories in the United States have pushed crude prices down, but OPEC + ‘s decision to only gradually increase production in December could raise crude prices further. This could cause oil companies to revise fuel prices upwards.
Before the price cuts and the hiatus, diesel prices rose 30 days over the past 58 days, raising its retail price by Rs 9.90 per liter in Delhi.
Gasoline prices have also increased in 28 of the previous 54 days, raising its price at the pump to Rs 8.85 per liter.
Since January 1, 2021, prices have increased by more than Rs 26 per liter.
The reduction in excise duties by the Center on November 3 was the first such exercise since the start of the Covid pandemic. In fact, the government heavily revised excise duties on gasoline and diesel in March and again in May of last year in order to mobilize additional resources for Covid relief measures.