Today a 5 paisa per litre drop in prices of Petrol and Diesel was seen. In October, the price of diesel and petrol have seen a drop of Rs. 1.08 and Rs. 1.34 per litre respectively.
In the national capital petrol price is Rs, 73.27 per litre whereas a litre of diesel costs Rs. 66.41. In Noida diesel and petrol are being sold for Rs. 63.91 and Rs. 70.45 per litre respectively.
In Mumbai, one litre of diesel costs Rs. 69.61 and petrol costs Rs. 78.88. In Gurugram, price of diesel is Rs. 65.49 per litre and petrol is being sold at Rs. 72.96 per litre. In
The prices started falling from October as the crude oil prices began to cool down after reach sky high in 2019 because of the attacks on the Saudi Arabia’s oil wells. The crude oil prices are now below what they were in mid-September but still the retail price of diesel and petrol are higher in India that in the same time period. The reason is said to be because the fuel retailers take 15 day average rate of diesel and petrol in the International market before setting the retail price, so we can expect some more price cuts in the coming days.
U.S. West Texas Intermediate (WTI) crude dropped by 21 cents (0.4%) to $53.38 per barrel while Brent Crude price fell by 30 cents (0.5%) to %59.06 per barrel which lead to the decline in national fuel prices.
Dharmendra Pradhan, Oil Minister recently requested Finance Minister Nirmala Sitharaman to add petroleum products under GST (Goods and Service Tax). As of now, petroleum products are under Value Added Tax (VAT) and Excise Duty (ED) imposed by the states. If this request made by the Oil Minister is approved by the GST Council, we will see a huge impact on the prices of diesel and petrol.