Bengaluru: Crude oil prices are falling in the global oil market. Accordingly, the price of each barrel of crude oil produced in India is fixed at 92.6 dollars. Just six months ago, i.e. last March, the price of Indian crude oil was 128.2 dollars. According to this calculation, the price of crude oil has fallen by 28 percent. Although the price of crude oil has decreased, the retail prices of petrol and diesel in Indian banks have not decreased. Declining crude oil prices in the global market: Why is it not reduced in India.
Petrol and diesel prices in India are lower compared to Hong Kong, Germany and UK retail prices. But it is more expensive than China, Brazil, Japan, America and Russia, according to the report of Economic Analysis Department of Bank of Baroda. Retail prices of petrol-diesels in India are at par with Australia, Turkey and South Korea. Declining crude oil prices in the global market: Why is it not reduced in India.
Petrol, diesel prices in India stable
Fuel prices in the Indian domestic market have remained stable for the past three months. Fuel price details in major cities of India are as follows. After Russia’s attack on Ukraine, the price of crude oil in the global market has seen a continuous rise. The central government had last July 20 reduced the tax on imported petrol by Rs.6 per litre.
Tax on fuel used in the aviation sector was also reduced by Rs. 2. The ministry had also hinted at the possibility of getting an exemption of Rs.2 in the tax on diesel. The tax on crude oil produced in India was reduced from Rs.23,250 to Rs. 17,000 per barrel. The stock of petroleum products with the retailers is still not reduced.
The Maharashtra government recently reduced the value added tax (VAT) on petrol and diesel by Rs. 5 and Rs.3 respectively. Apart from this development, there has been no change in petrol and diesel stocks in the country for the last three months. Three months ago, Union Finance Minister Nirmala Sitharaman had announced an excise duty exemption of Rs.8 on petrol and Rs. 6 on diesel.
Currently, a liter of petrol is selling at Rs. 101.94 and diesel at Rs. 87.89 in Bangalore. A liter of petrol is selling at Rs. 96.72 and diesel at ₹ 89.62 in Delhi. Elsewhere in Mumbai, the price is Rs. 106.31 (petrol), Rs. 94.27 (diesel). Petrol price in Chennai is Rs 102.63. and Rs 94.24 per liter for diesel. is Kolkata petrol price is Rs 106.03. and Rs 92.76 per liter of diesel.
13.08 on petrol and Rs 24.09 on diesel even as oil marketing companies pass on excise duty cuts to consumers in the country. Experiencing loss. India’s percentage 80% of fuel requirement is met through imports. Even in the international market, the price of crude oil is not coming down to the previous level, so this hide and seek game of price fluctuations continues.
Petrol-Diesel price has remained stable for more than 2 months. There is no change in these. Excise duty has been cut by the government on May 21. According to many media reports, oil prices are expected to drop soon.
Petrol storage in major cities
Delhi Petrol Rs 96.72 and Diesel Rs 89.62 per liter – Mumbai Petrol Rs 106.31 and Diesel Rs 9427 per liter – Chennai Petrol Rs 102.63 and Diesel Rs 94.24 per liter – Kolkata Petrol Rs 106.03 and Diesel Rs 92.76 per liter – Petrol Rs 96.57 and Diesel Rs 96.57 per liter in Noida Rs 89.96 per liter – Petrol Rs 96.57 per liter in Lucknow and Diesel Rs 89.76 per liter – Petrol Rs 108.48 per liter in Jaipur and Diesel Rs 93.72 per liter – Petrol Rs 107.71 per liter in Thiruvananthapuram
And diesel Rs 96.52 per liter – Petrol Rs 84.10 per liter and diesel Rs 79.74 per liter in Port Blair – Petrol Rs 107.24 per liter and diesel Rs 94.04 per liter in Patna. – 97.18 per liter in Gurugram and Rs 90.05 per liter for diesel – Rs 101.94 per liter for petrol and Rs 87.89 per liter for diesel in Bangalore. – Petrol Rs 103.19 and Diesel Rs 94.76 per liter in Bhubaneswar – Petrol Rs 96.20 per liter in Chandigarh. And Rs 84.26 per liter for diesel – petrol is Rs 109.66 per liter and diesel is Rs 97.82 per liter in Hyderabad.
Petrol and Diesel price revision every morning at 6 am
After adding excise duties to the price of petrol and diesel, its price doubles. Based on these criteria, oil companies fix the price of petrol and diesel on a daily basis. Daily new rates are fixed at 6 am. Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) revise fuel prices daily with international norms and foreign exchange rates. Thus, petrol and diesel prices vary depending on the foreign exchange rates as well as crude oil prices in the international market.