For the 19th consecutive day on Tuesday, the prices of petrol and diesel have remained static under the daily price revision mechanism followed by oil marketing companies. The diesel prices were also unchanged in the capital at Rs 86.67 a litre. The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m on November 4 from previous day's level of Rs 110.04 a litre, remained the same on Tuesday.
Even with lower fuel prices, petrol continued to be most expensive in Delhi among all the NCR cities as the state government did not revise the VAT on petroleum products. In the financial capital Mumbai, petrol continued to be priced at Rs 109.98 a litre and diesel Rs 94.14 a litre.
Prices also remained static on Tuesday in Kolkata where the price of petrol reduced by Rs 5.82 to Rs 104.67 per litre and that of diesel by Rs 11.77 to Rs 89.79 per litre in the first week of November. Petrol price in Chennai also remained at Rs 101.40 per litre and diesel Rs 91.43 per litre.
Across the country as well, the prices largely remained unchanged on Tuesday but the retail rates varied depending on the level of local taxes. The global crude prices which has touched a three-year high level of over $85 a barrel on several occasions in the past one month has now softened to below $ 80 barrel.
Rise in the US inventory and release of strategic oil by few countries has pushed down crude prices but OPEC+ decision on only gradual increase in production in December could raise crude prices further.
Before the price cuts and pause, diesel rates increased on 30 out of the last 60 days taking up its retail price by Rs 9.90 per litre in Delhi. Petrol prices also rose on 28 of the previous 56 days taking up its pump price by Rs 8.85 per litre. Since January 1, petrol and diesel prices increased by more than Rs 26 a litre before the duty cuts.
The excise duty cut by the Centre on November 3 was the first such exercise since the onset of Covid pandemic. The government had revised excise duty on petrol and diesel sharply in March and again in May last year to mobilise additional resources for Covid relief measures.
-With PTI Inputs