The daily price decrease of 40 paisas is expected to continue for the next five days, for a total drop of Rs 2 in petrol and diesel prices in instalments.
Digital Desk: As the price of international crude oil falls, state-owned oil marketing companies (OMCs) are expected to cut the price of petroleum products like petrol and diesel by 40 paise per litre beginning November 1, 2022.
According to the source, the 40-paisa daily price decrease is expected to continue for the following five days, for a total reduction of Rs 2 in petrol and diesel prices in instalments, according to individuals familiar with the situation.
Brent crude skated more than $1 today on predictions that US output will increase, despite poor Chinese economic data and the country's expanding COVID-19 limitations.
Brent oil futures fell $1.22 per barrel, or 1.3 percent, to $94.55 per barrel. WTI crude in the United States declined $2.41 to $85.49 a barrel, a 2.7 percent drop. However, both benchmarks are on course for their first monthly advances since May.
State-owned gasoline retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are obliged to change petrol and diesel prices daily based on cost, but they have been reducing pump rates since November 2021.
Fuel prices, particularly diesel, have a cascading effect on inflation since greater transportation costs lead to higher prices across the board, even basics like vegetables.
Petrol and diesel prices were last updated to match the cost on April 6 and have been stagnant since then. Rates were dropped in May when the government reduced the excise duty on fuel by Rs 8 per litre and diesel by Rs 6.
Despite rising oil costs, the three state fuel wholesalers initially halted petrol and diesel prices for a record 137 days beginning in early November 2021, when five states, including Uttar Pradesh, went to the elections, and then resumed in April.
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