On November 4, the government reduced the excise duty
On Wednesday, Fuel prices were kept unchanged for 27 straight days. On November 4, the government had reduced the excise duty on petrol and diesel to reduce down the rate from the heights.
According to Indian Oil Corporation, In Delhi, petrol is now sold for ? 103.97; while diesel rate is at ? 86.67. In Mumbai, petrol is retailed at ? 109.98 per litre; while diesel is at ? 94.14 per litre.
Despite the reduction in prices by the government, petrol rates are still above the ? 100 per litre which is a benchmark across the four metros and several cities in the country. Among the metro cities, fuel rates are the highest in Mumbai. The rates vary across the states due to value-added tax or VAT.
Oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise their fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the money exchange rates. Any changes in crude oil prices are implemented with effect from 6 am every day.
On the global level, OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid an oil price in the fears of the Omicron coronavirus variant could weaken global energy demand.
On Tuesday, Oil prices fell to near $70 a barrel from as high as $86 in late October, posting their biggest monthly decline since the outset of the pandemic, as the new variant has raised fears of a supply. For November, Brent fell by 16.4 per cent, while WTI fell 20.8 per cent, the biggest monthly fall since March 2020.
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