Petrol-Diesel Price: Fuel Prices decline in India, Global crude oil also gets cheaper

Publish Date: 06 Nov, 2021 |
 

The hike in Petrol prices that started from October has finally come to rest now. On day before Diwali, government of India gifted decrease in petrol prices to the general public. The central government reduced excise duty on Petrol prices by Rs 5 and on Diesel prices by Rs. 10. This decision came into effect on November 4. 

After reduction in excise duty, some states also reduced VAT that is imposed on Petrol and Diesel.Karnataka, Goa, Assam and Tripura reduced the VAT by Rs. 7 causing Diesel to get cheaper by Rs. 17 and Petrol by Rs. 12. 

The petroleum minister supported the Central government’s decision to reduce the excise duty.

The global crude oil prices have also experienced significant decline following the reduction in excise duty and VAT on petrol prices in India. The prices of Brent crude have declined to Rs. 81/barrel. During last 48 hours, global crude oil has become cheaper by 5 times. 

Coming to prices of fuels today, Oil companies haven’t increased the prices of both petrol and diesel on Friday. Prices in metropolitan cities are:

Delhi

Petrol: Rs. 103.97/ litre

Diesel: Rs. 86.67/ litre

 

Mumbai

Petrol: Rs. 109.98/ litre

Diesel: Rs. 94.14/ litre

 

Kolkata

Petrol: Rs. 104.67/ litre

Diesel: Rs. 89.79/ litre

 

Chennai

Petrol: Rs. 101.40/ litre

Diesel: Rs. 91.43/ litre

 

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