Fuel price News

Price of the benchmark Brent crude declined by nearly $4 to $67.7 a barrel while U.S. West Texas Intermediate crude turned cheaper by $3.75 at $64.76 per barrel as concerns abated over disruption in oil supplies due to the tensions in the Middle East.

However, India has diversified its oil sources by increasing imports from Russia as well as the US and building resilience through strategic reserves. 

The lower crude oil prices will reduce the cost of production for oil refining and marketing companies such as Indian Oil and Bharat Petroleum and increase their retail margins. This will enable the government to raise more revenue from an excise duty hike without increasing the burden on consumers.

The excise duty on petrol was increased to Rs 13 per litre and that on diesel to Rs 10, however the PSU companies have clarified that there will be no increase in the retail price of fuel due to this.

The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.

Three state-owned fuel retailers have kept petrol and diesel prices on freeze for a record 21 month in a row.

The strike is over the demand for a reduction in diesel prices as VAT in other states is less while the price of diesel is higher in Rajasthan so there is a difference in the sale, said a petrol pump operator.

Media reports suggest that the oil ministry may nudge OMCs to cut petrol/diesel prices as OMCs' balance sheet has largely got repaired and are likely to report strong profits in 1QFY24.

Petrol and Diesel prices remained unchanged on Friday. OMCs have revised fuel prices on daily basis at 6 am every day. Petrol price in Delhi today is Rs 96.72.

Petrol costs Rs 96.72 today in Delhi. Diesel costs Rs 87.89 in Bengaluru. Petrol costs Rs 90.08 in Delhi.

Petrol costs Rs 96.72 today in Delhi. Diesel costs Rs 87.89 in Bengaluru. Petrol costs Rs 90.08 in Delhi.

Yesterday, several media had reported that the prices of petrol and diesel would be slashed by 40 paise per litre. The new prices will be effective from 6 a.m. on Tuesday, November 1.

India's fuel sales soared in the first half of October. It is on the back of the economic activity picking up as festival season kicked in. Consumption was up 16 per cent over October 1-15, 2020 and 26.6 per cent higher than pre-COVID 2019.

Petrol prices are largely unchanged across key cities In Delhi, petrol costs Rs 96.72 per litre while Diesel costs Rs 89.62 per litre. In Gurugram, Petrol costs Rs 97.18 per litre and Diesel Rs 90.05 per litre.

Oil Marketing Companies released the new rate list for petrol and diesel Today, October 13, 2022 morning. Continue reading to find out in which city you have to pay more and where you have to pay less.

Petrol sales, which had dipped 5 per cent in July, increased 5.8 per cent to 2.81 million tonnes in August when compared with 2.66 million tonnes of demand in the previous month.

The government has given another big blow to the inflation-stricken people in Bangladesh. Last night, the prices of petrol-diesel were increased by 51.7 percent.

The central government on May 21 announced a tax reduction on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.

Shinde had a couple of days announced in the State Assembly, regarding the likelyhood of reducing VAT on fuel prices. While replying to a debate after he won the floor test, Shinde had said that the decision to reduce VAT on fuel will be taken in the state cabinet.