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State oil marketing companies continued to reduce prices of major fuels used in domestic transportation – gasoline and diesel – until the second week of Sunday, in because of the decline in world prices of crude oil.
According to data from Indian Oil Corp. , gasoline was sold Sunday at 80.05 rupees per liter in the national capital.
The price of gasoline was 85.54 rand in Mumbai, 81.92 rand in Calcutta and 83.18 rand in Chennai on Sunday.
Fuel prices depend on international fuel prices over an average of 15 days, in addition to the value of the rupee.
Prices vary from one region to another due to local taxes because the product is excluded from the GST regime. Delhi has the lowest tax rate among the four metropolitan cities.
Along with gasoline, the cost of diesel dropped Sunday in the four subways.
The price of diesel in Mumbai was down by Rs 77.61 per liter. 19659002] Similarly, diesel prices in Delhi, Kolkata and Chennai fell to 74.05 rupees, 75.90 rupees and 78.29 rand, respectively.
The downward revision is also the result of multiple factors, such as the decline in the international cost of crude oil and rupee recovery against the US dollar.
On Friday, British crude Brent traded about 76 dollars a barrel, after a recent high of more than 86 dollars.
Earlier this month, the Center announced a reduction in excise duties by Rs. 1.50 per liter
In addition, state-owned oil trading companies had been mandated to reduce the prices of gasoline and diesel by 1 liter per liter.
– IANS
bc / shs / mr
(This story was not edited by Business Standard staff and is generated automatically from a syndicated feed.)
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