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Prices for gasoline and diesel were reduced for the fourth consecutive day Sunday due to lower international oil prices, which somewhat relieved consumers from ever-increasing interest rates. The price of gasoline was reduced by 25 pesetas per liter and the diesel of 17 pesetas, according to the notification of prices of oil companies owned by the state.
In Delhi, gasoline now costs 81.74 Rs per liter and the price of diesel is 75.19 Rs per liter. In Mumbai, gasoline is sold at 87.21 Rs per liter and diesel at 78.82 Rs.
Fuel prices have been falling since Thursday as oil companies have taken into account the decline in international rates. In four days, the price of gasoline was reduced by 1.09 rupees per liter and that of diesel by 50 pesetas.
State-owned oil trading companies, Indian Oil Corp. (IOC), Bharat Petroleum Corp. Ltd. (BPCL) and Hindustan Petroleum Corp. Ltd. (HPCL)) revise fuel prices daily from by 6:00.
Rates were reduced to a minimum of Rs 2.50 per liter across the country on October 5, when the government reduced excise duties on the United States. petrol and diesel of Rs 1.50 per liter. and asked oil units to subsidize fuels by another Re 1 per liter. The reduction in the number of states governed by the BJP was more related to this reduction by an equivalent reduction of the local sales tax or VAT.
The price reduction follows international oil prices traded at a level close to the lowest level in a month and more than expected. gain on US stocks.
On Friday, West Texas Intermediate for November delivery was established at $ 69.12 a barrel on the New York Mercantile Exchange, while Brent for settlement in December was at $ 79.78 a barrel on the London base ICE Futures Europe. Brent had reached its highest level in four years at 86.74 USD a barrel this month.
Before the rate cuts on Thursday, the price of diesel had risen by Rs. 2.74 per liter since October 5, far exceeding the removal of excise duties and oil. firm subsidy. The price of gasoline increased by Rs 1.33 per liter during this period.
Before the 5 October price cut, the price of petrol in Delhi had reached the record level of Rs 84 per liter and diesel reached a record Rs 75.45. This amounted to Rs 81.50. per liter for gasoline and 72.95 rupees for diesel.
In Mumbai, gasoline peaked at 91.34 rupees on 4 October and diesel was sold at a record high of 80.10 rupees.
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