All of the state-run oil marketing companies have maintained petrol and diesel prices at existing levels in the metros. In Delhi, the price of petrol stood at Rs 80.43 per litre and that of diesel at Rs 73.56 per litre, and at Rs 87.19 per litre and Rs 80.11 per litre in Mumbai, according to notifications from Indian Oil Corporation, the country’s largest fuel retailer. Currently, domestic fuel prices are reviewed on a daily basis, and any revisions implemented at the pumps with effect from 6 am.
The petrol prices have been steady for more than a month, but diesel rates have been revised on many occasions. Last Friday, the price of diesel was reduced by more than Rs 8 per litre in the national capital, a day after the Delhi government slashed the VAT applicable to the fuel to 16.75 per cent from 30 per cent.
Currently, petrol and diesel prices have been determined broadly by crude oil and forex rates, and vary from state to state due to factors such as VAT. Meanwhile, oil prices rose to their highest since early March on August 5 after US crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook.
Brent crude ended the session up 74 cents, or 1.7 percent, at $45.17 a barrel, while West Texas Intermediate oil settled 49 cents, or 1.2 percent higher, at $42.19 a barrel. (Source : ndtv)
