Petrol, diesel prices static as global oil rates remain depressed

Accordingly, petrol and diesel prices remained static for 18th consecutive day under the daily price revision mechanism followed by the OMCs.

The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on the Diwali day on November 4 from previous day's level of Rs 110.04 a litre, remains at the same level. The diesel prices also remained unchanged at Rs 86.67 a litre.

In the financial capital Mumbai, petrol continues to be priced at Rs 109.98 a litre and diesel at Rs 94.14 a litre.

Prices also remained static in Kolkata where the price of petrol reduced by Rs 5.82 to Rs 104.67 per litre and that of diesel by Rs 11.77 to Rs 89.79 per litre in the first week of November.

Petrol prices in Chennai also remains at Rs 101.40 per litre and diesel Rs 91 .43 per litre.

Across the country as well, price of the fuel largely remained unchanged but the retail rates varied depending on the level of local taxes.

The global crude prices which has touched three year high level of over $85  a barrel on several occasions in past one month has softened now to below $ 79 barrel. Rise in US inventory has pushed down crude prices but OPEC+ decision on only gradual increase in production in December could raise crude prices further.

Before price cuts and pause, diesel prices have increased on 30 out of the last 59 days taking up its retail price by Rs 9.90 per litre in Delhi.

Petrol prices have also risen on 28 of the previous 55 days taking up its pump price by Rs 8.85 per litre.

Since, January 1, petrol and diesel prices have risen by more than Rs 26 a litre before the duty cuts.

The excise duty cut by the Centre on November 3 was first such exercise since the onset of Covid pandemic. In fact, the government had revised excise duty on petrol and diesel sharply in March and again in May last year to mobilise additional resources for Covid relief measures.

The excise duty was raised by Rs 13 and Rs 16 per litre on petrol and diesel between March 2020 and May 2020 and was standing high at Rs 31.8 on diesel and Rs 32.9 per litre on petrol before the Centre decided on duty cut.