New Delhi: After a record run until the eve of Diwali, prices of petrol and diesel saw dropping and continued to remain stable for the 13th consecutive day.
The Union government had announced cut in excise duty on petrol, diesel prices. After this, the price of petrol and the price of diesel came down by Rs 5 and Rs 10 respectively. Several states have followed the cue since then to reduce prices of the auto fuels. This move came amid the Centre receiving flak after petrol, diesel prices saw a record high, and went over Rs 100 in most places.
After the price reduction in petrol, the rate of auto fuel was cut to Rs 103.97 a litre in the national capital. The price remained same on November 14. Diesel price remained unchanged at Rs 86.67 per litre on the day.
The states/UTs that extended the VAT benefits are ladakh, Karnataka, Puducherry, Jammu and Kashmir, Sikkim, Mizoram, Himachal Pradesh, Daman & Diu, Dadra & Nagr Haveli, Chandigarh, Assam, Madhya Pradesh, Tripura, Gujarat, Nagaland, Punjab, Goa, Meghalaya, Odisha, Arunachal Pradesh, Manipur, Andaman & Nicobar, Bihar, Uttarakhand, Uttar Pradesh and Haryana.
Petrol and diesel prices vary from state to state based on factors like international crude oil prices, VAT and freight charges. The oil marketing companies update the price of petrol and diesel everyday at 6 am.
According to a report by Reuters, international crude oil prices slipped on Tuesday as a rebound in Covid-19 cases in Europe raised concerns over demand amid expectation that supply will rise. Brent futures fell 9 cents, or 0.1 per cent, to $81.96 a barrel, as of 0105 GMT, while U.S. West Texas Intermediate (WTI) crude slid 10 cents, or 0.1 per cent, to $80.78 a barrel.