Petrol, Diesel Prices Static For 21 Days Despite Fall In Global Crude Rates

On Monday April 6, 2020, petrol and diesel prices were unchanged for 21 straight days across several major cities in the country. As per data on the Indian Oil Corporation website, in the national capital one litre of petrol costs Rs. 69.59 whereas diesel is available for Rs. 62.29 per litre. The retail fuel price in Delhi is the cheapest among all metros owing to lower taxes there.

Petrol, Diesel Prices Static For 21 Days Despite Fall In Global Crude Rates

In Chennai too rates remain changed over Sunday's price with petrol retailing at Rs. 72.28 a litre and diesel priced at Rs. 65.71 per litre.

In Mumbai the price of petrol per litre is Rs. 76.31 while diesel costs Rs. 66.21 per litre. In Kolkata, people need to shell out Rs 73.30 for a litre of petrol while diesel costs Rs 65.62 per litre.

Notably, amid coronavirus crisis which has seen imposition of lockdown on a pan India basis and consequent travel restrictions, oil marketing companies have decided to not pass the capital expenditure involved in BSVI grade fuel transition to end consumers of fuel. Earlier, fuel rates were set to see a surge in the range of Rs. 0.5-1 per litre from April 1.

In the international market, on Monday brent crude prices declined after record gains in the previous week as Saudi Arabia-Russia talks over output cut were deferred. International Brent crude oil futures were trading at US$ 31.98 per barrel, down 6.2 per cent against their last close. West Texas Intermediate (WTI) crude futures also retreated lower by 7.4 per cent to USD 26.12 per barrel.

It is worth mentioning that domestic fuel prices are revised daily at 6 am based on international crude oil prices. Other factors impacting fuel price include rupee-dollar exchange rate, global cues, price of crude as well as its demand. Fuel price notably includes excise duty, VAT and dealer commission

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