Consumers continue to be relieved by rising fuel prices as petroleum marketing companies (OMCs) kept gasoline and diesel pump prices unchanged after state governments revised tariffs the eve of Diwali.
As a result, gasoline and diesel prices remained static for the 15th day in a row on Friday, as part of the daily price review mechanism followed by oil marketing companies.
The gasoline pump price in Delhi, which fell to Rs 103.97 per liter at 6 a.m. on November 4 from Rs 110.04 per liter the day before, remains at the same level. Diesel prices also remained unchanged in the capital at Rs 86.67 per liter.
In the financial capital Mumbai, gasoline continues to be priced at Rs 109.98 per liter and diesel at Rs 94.14 per liter.
Prices also remained static in Calcutta where the price of gasoline fell from Rs 5.82 to Rs 104.67 per liter and that of diesel from Rs 11.77 to Rs 89.79 per liter during the first week of November.
Gasoline prices in Chennai also remain at Rs 101.40 per liter and diesel at Rs 91.43 per liter.
Across the country, too, fuel prices have remained largely unchanged, but retail prices have varied depending on the level of local taxes.
Global crude prices, which hit their three-year high at over $ 85 a barrel on several occasions over the past month, have now sagged to less than $ 82 a barrel. Rising inventories in the United States have pushed crude prices down, but OPEC + ‘s decision to only gradually increase production in December may increase it further. This could cause oil companies to revise fuel prices upwards.
Ahead of the price cuts and the hiatus, diesel prices have risen 30 of the past 56 days, raising its retail price by Rs 9.90 per liter in Delhi.
Gasoline prices have also increased in 28 of the previous 52 days, raising its price at the pump by Rs 8.85 per liter.
Since January 1, gasoline and diesel prices have increased by more than Rs 26 per liter before the tariff cuts.
The Center’s reduction in excise duties on November 3 was the first such exercise since the start of the Covid pandemic. In fact, the government heavily revised excise duties on gasoline and diesel in March and again in May of last year in order to mobilize additional resources for Covid relief measures.
The excise duty was increased by Rs 13 and Rs 16 per liter on gasoline and diesel between March 2020 and May 2020 and amounted to Rs 31.8 on diesel and Rs 32.9 per liter on gasoline before the Center finally decides on a tariff reduction.