November 9th 2023.
According to the most recent price notification by fuel retailers, petrol and diesel prices have been steady for a year now, with no changes on November 9 in major cities. However, the prices may differ from state to state, as they are dependent on several criteria such as Value Added Tax, freight charges, and local taxes.
Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd, Indian Oil Corporation Ltd. and Hindustan Petroleum Corporation Ltd. revise their prices daily in line with international benchmark prices and forex rates. This has caused a citywide breakdown in pricing. In Delhi, petrol and diesel cost Rs 96.72/litre and Rs 89.62/litre respectively, while in Mumbai, petrol is being sold for Rs 106.31/litre and diesel for Rs 94.27/litre. Chennai and Kolkata follow with petrol and diesel prices of Rs 102.63/litre and Rs 94.24/litre, and Rs 106.03/litre and Rs 92.76/litre respectively.
The last country-wide change in fuel rates was on 21 May last year when Finance Minister Nirmala Sitharaman slashed excise duty on petrol and diesel by Rs 8 per litre and Rs 6 per litre respectively. To stay updated on the latest prices, you can send a message from your phone to 9224992249 with your city code - which can be found on Indian Oil's website.
On Wednesday, oil prices experienced a decline of more than 2%, reaching their lowest levels in over three months. Brent crude futures closed down by $2.07, marking a 2.5% decrease and settling at $79.54 per barrel. U.S. crude also saw a decrease of $2.04, equivalent to a 2.6% drop, closing at $75.33 per barrel. This is the lowest that both the benchmarks have been since mid-July.
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