OIL & GAS

Petrol, diesel prices remain unchanged for fifth straight day

Retail fuel prices in the metros remained unchanged for the fifth consecutive day on Monday. In the national capital, the price of petrol remained stable at Rs 86.30 per litre and diesel maintained its price line of Rs 76.48 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer.

In Mumbai, petrol price remained unchanged at Rs 92.86 per litre on Monday. The cost of diesel also was the same at Rs 83.30 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.

State-owned fuel retailers — Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — had on January 6 resumed daily price revision after nearly a month-long hiatus.

Meanwhile, the Rajasthan government reduced value-added tax (VAT) rate by two percent on petrol and diesel last week, giving people the much-needed respite from rising fuel prices.

Source
CNBC
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