Petrol, diesel prices stay unchanged on Diwali

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SME Times News Bureau | 08 Nov, 2018
Following five consecutive days of cuts, state-run oil marketing companies kept prices of key domestic transport fuels -- petrol and diesel -- unchanged on Wednesday, on the festival of Diwali.

According to the Indian Oil Corp data, petrol was priced at Rs 78.42 per litre in the national capital on Wednesday, which is its lowest level in the last over six weeks.

Across the other major metros, petrol was priced at Rs 83.92 per litre in Mumbai, Rs 80.33 in Kolkata and Rs 81.46 in Chennai on Wednesday.

As per the country's pricing mechanism, under the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Prices vary from region to region due to local taxes as the product is excluded from the GST regime. Delhi has the lowest tax rate among the four metros.

In tandem with petrol, the cost of diesel remained unchanged on Wednesday across the four metros.

The price of diesel in Mumbai was at Rs 76.57 per litre.

Similarly, prices of diesel in Delhi, Kolkata and Chennai were Rs 73.07, Rs 74.93 and Rs 77.24 a litre, respectively.

Fuel prices have been reducing on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar.

Last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.