OIL & GAS

No change in petrol, diesel prices for sixth day in a row

Petrol, diesel prices were unchanged for the sixth consecutive day on Friday. Accordingly, the price of petrol and diesel was static at Rs 101.84 and Rs 89.87 per litre in the national capital, as per Indian Oil Corporation, the country’s largest fuel retailer.

In Mumbai, the petrol price was unchanged at Rs 107.83 per litre on Friday. The cost of diesel was stable at Rs 97.45 a litre. The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) on a daily basis and any revision is implemented from 6 am in the morning.

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.

On the global front, oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers, according to news agency Reuters.

Source
CNBC
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