On Friday, fuel prices remained steady for the 22nd day in a row. On November 4, the government lowered excise duty on Petrol and diesel, bringing rates back down from record-high levels.
According to Indian Oil Corporation, petrol costs 103.97 rupees in the national capital, while diesel costs 86.67 rupees. Petrol is sold for 109.98 a litre in Mumbai, while diesel is supplied for 94.14 per litre.
Despite the price reductions, petrol prices in the country’s four metros and a number of locations remain above Rs 100 per litre. Mumbai has the highest fuel prices among metro cities. Because of the value-added tax, or VAT, the rates differ by state.
The following is a list of petrol and diesel prices in major cities:
|Source: Indian Oil|
State-run oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust fuel prices on a daily basis, taking into account international crude oil prices and rupee-dollar exchange rates. Every day at 6 a.m., any adjustments in gasoline and diesel prices take effect.
Oil prices fell globally as investors awaited how major producers would react to the US-led emergency oil release, which was intended to cool the market but is now expected to build stocks, according to OPEC. Brent crude futures were trading at $81.47 a barrel, down 0.95 percent. WTI crude futures in the United States declined 1.53 per cent to $77.19 a barrel.
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