OIL & GAS

Petrol, diesel prices remain stable for sixth consecutive day

Retail fuel prices in the metros remained unchanged for the sixth straight day on Friday. In the national capital, the price of petrol remained steady at Rs 91.17 per litre and diesel was stable at Rs 81.47 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer.

In Mumbai, the petrol price remained unchanged at Rs 97.57 per litre on Friday. The cost of diesel also was the same at Rs 88.60 a litre.

The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.

The fuel prices vary from state to state in the country due to the value-added tax or VAT.

Meanwhile, economists at SBI said on Thursday that petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world.

Diesel will come at Rs 68 a litre and the revenue loss for the Centre and states will be only Rs 1 lakh crore or 0.4 percent of GDP

Source
CNBC
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