Diesel rates across the main metros have dropped once more by 18 to 25 paise on Friday. While diesel continues its downward move, petrol maintains its all-time high. Petrol has remained unchanged for a complete of 34 days as of Friday. Petrol prices last saw a hike in mid-July, while diesel saw the rates go up a couple of days before petrol. Since then neither had changed. Diesel prices started dropping on Wednesday and are consistently dropping by around 18 to 25 paise across the metros over the past three days.
Petrol prices across the main metro cities had previously been hiked by 26 to 34 paise and have maintained that since. On Friday, the petrol price within the nation’s capital remained at Rs 101.84 per litre. In Mumbai, the worth of petrol was stagnant at Rs 107.83 per litre. Motorists within the city of Kolkata were dispensing Rs 102.08 per litre of petrol. Meanwhile, in Chennai, citizens were enjoying a comparatively lower petrol price of Rs 99.47 per litre. Chennai is that the only metro out of the five that has seen any change in petrol prices after the Tamil Nadu government slashed the excise duty on fuel on August 13. Lastly, in Bangalore, the pump price for petrol continued to face at Rs 102.08 per litre.
Diesel prices had begun dropping on August 18 and maintained that trend till Friday. On August 20, the diesel price in Delhi dropped by 20 paise, leaving the diesel rate within the city at Rs 89.27 per litre. In Mumbai, the diesel price stood at Rs 96.84 per litre after the speed slumped by 20 paise also . Kolkata saw the steepest drop by comparison to all or any the five major metros because it went down by 25 paise. This left the worth of diesel within the West Bengal city at Rs 92.32 per litre. In Bangalore, the motorists enjoyed a 21 paise drop by prices, leaving a final price of Rs 94.65 per litre. Chennai also saw another drop by the diesel price because it went down by 18 paise. This left the pump price of petrol at Rs 93.84 per litre within the South Indian city.
Petrol and diesel prices are often calculated on two fronts – national and international. On the national front, the bulk of the fuel price is formed from Central government and government taxes. Elements like VAT (VAT), GST, and excise duty eat up most of the ultimate retail price. On the international side of things, the main determiners of the fuel price are the petroleum prices per barrel within the market also because the dollar-to-rupee rate of exchange .
Crude oil prices slumped again on Thursday for the sixth session and hit an rock bottom that has not been seen since May, said a Reuters report. This comes as investors pulled back over concerns of rising Covid-19 cases weakening the worldwide demand against the increase of the US dollar. The oil market had rallied within the half of 2021 but has lost about 15 per cent since July the report stated. The third wave has brought down global demand even as investors were gearing up to extend supply, Reuters mentions.
Brent crude lost 2.6 per cent or $1.78, leaving the worth to settle at $66.45 per barrel. U.S. West Intermediate (WTI) also fell by 2.6 per cent or $1.71 to hit a coffee of $63.50 per barrel. Earlier both benchmarks had hit a record-low since May 21. Brent crude’s low was at $65.57 per barrel, while WTI stood at $62.41 per barrel. Both benchmarks are on the decline for the past six days during a row, which is their longest downward trend since February 2020, mentioned the Reuters report.