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Petrol and diesel prices hold steady after Tuesday’s cuts
The domestic prices for petrol and diesel vary across states due to various taxes and levies by various state governments. Currently, Mumbai has the highest retail rates for both petrol and diesel.
Petrol prices held steady all over the country on Thursday, for the second consecutive day after Tuesday's cut. In the national capital Delhi, petrol rates are at Rs. 90.56 per litre and diesel continues to retail at Rs. 80.87 per litre. In Mumbai, petrol and diesel prices remained at ₹96.98 and ₹87.96.
In Kolkata, rates for petrol and diesel stood at ₹90.77 and ₹83.75 respectively. Whereas in Chennai petrol retailed for ₹92.58 and diesel for ₹85.88, according to the Indian Oil Corporation (IOC). On Tuesday, ptrol price was cut by 22 paise and diesel by 23 paise a litre. Domestic LPG price was also cut by ₹10 per cylinder, on Wednesday. A 14.2-kg LPG cylinder will be priced at ₹809 from April 1 as against ₹819 it currently costs, IOC said in a statement.
The domestic prices for petrol and diesel vary across states due to various taxes and levies by various state governments. Currently, Mumbai has the highest retail rates for both petrol and diesel. Central and state taxes constitute 60 per cent of the retail selling price in petrol and over 54 per cent in diesel.
International Brent crude prices rose on Thursday after falling on Wednesday, buoyed by the upcoming OPEC+ meeting that has been scheduled later for the day and is expected to be held on the output curbs imposed on oil producing countries due to Covid-19 pandemic. "The most likely outcome of the meeting is no significant changes in production," Eurasia Group told Bloomberg. Brent crude prices settled at $63.05 a barrel, up by 0.5 per cent since Wednesday.
