New Delhi: Crude oil prices in the international market have reached their lowest level in the last four months. Despite this, there has been no change in the prices of petrol and diesel across the country at present. Oil companies say they are still using stocks of crude purchased at high prices, so there is little chance of immediate relief for consumers.
Crude became cheaper, yet why did the prices not fall?
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that during the tension in West Asia, India had purchased crude oil at high prices. At present, the oil marketing companies are using the same stock. In such a situation, the impact of the recent fall in international prices will not be immediately visible on retail fuel prices.
When did the prices last change?
The prices of petrol and diesel in the country were last increased on May 25. At that time, government oil companies had increased the price of petrol by Rs 2.61 per litre and diesel by Rs 2.71 per litre. Since then, the prices have remained stable.
What are the latest petrol and diesel rates in big cities?
As of July 6, fuel prices in major cities are as follows:
| City | Petrol (Rs/litre) | Diesel (Rs/litre) |
|---|---|---|
| Delhi | 102.12 | 95.20 |
| Mumbai | 111.21 | 97.83 |
| Chennai | 107.76 | 99.55 |
| Kolkata | 113.51 | 99.82 |
| Bengluru | 111.68 | 99.56 |
| Hyderabad | 116.99 | 105.03 |
Which company reduced fuel prices?
Meanwhile, Rosneft-backed Nayara Energy has announced it will reduce the price of petrol by Rs 5 per litre and diesel by Rs 3 per litre at its nearly 7,000 petrol pumps. However, this deduction applies only to the company’s own outlets.
How are petrol and diesel prices decided in India?
Fuel prices in the country depend on many factors. The biggest influence among these is the prices of crude oil in the international market. Apart from this, the position of the rupee against the dollar, taxes imposed by the central and state governments, transportation costs, and local demand and supply also affect the prices.
For this reason, the prices of petrol and diesel are not the same in different states and cities. There is variation in prices due to different VAT and other taxes of the state governments.
