The month of September has started with relief and some worries. While state-owned oil marketing companies (OMC) have increased the prices of domestic liquefied petroleum gas (LPG) cylinders by Rs 25, they afforded some relief in petrol and diesel. According to the new price list released by OMCs on September 1, there has been a relief of about 15 paise. After the new price revision, in Delhi petrol is being retailed at Rs 101.34 per litre and diesel at Rs 88.77 per litre.
Fuel prices witnessed a similar trend in Mumbai as well. The petrol price was reduced by 13 paise and currently retails at Rs 107.39 per litre. The country’s financial hub, on May 29, became the first among the four major metros where petrol was retailed for more than Rs 100 per litre. Similarly, diesel price also witnessed a drop of 15 paise and is sold at Rs 96.33 per litre in Maharashtra’s capital on Wednesday.
The petrol and diesel prices were reduced by 10 and 14 paise, respectively, in Kolkata. The new price cut took the rate to Rs 101.72 for a litre of petrol and that of diesel at Rs 91.84.In Chennai, both key fuel prices also saw a price cut, petrol prices were slashed by 12 paise and diesel by 14 paise. This revised the prices of the two respective fuels to Rs 99.08 per litre and Rs 99.38 per litre in the southern metropolis.
The price cut follows international oil prices falling to their lowest level since May after the US Federal Reserve indicated it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.
In the international markets, oil prices were stable on Wednesday ahead of an Organization of the Petroleum Exporting Countries (OPEC) and allies’ meeting. Major producers will decide whether to go ahead with their plan to add supply as COVID-19 cases resurge in Asia and U.S. based refiners assess flood damage in the wake of Hurricane Ida.
After losing 42 cents on Tuesday, Brent crude oil futures rose 5 cents at $71.70 a barrel. Similarly, on expectations of oil demand would plunge as six refineries in Louisiana were shut after Hurricane Ida’s landfall, the U.S. West Texas Intermediate (WTI) crude futures were up by 7 cents, or 0.1 percent, to $68.57 a barrel at 0125 GMT, after falling 1 percent on Tuesday, Reuters reported.
The prices of both key fuels are reviewed by state-owned OMCs such as Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation Ltd (IOCL), they revise the prices daily and any revision is implemented from 6 am in the morning. Also, fuel prices differ from state to state across the country due to the value-added tax or VAT and other taxes.
Here are the petrol and diesel prices across all major cities in India:
Petrol - Rs 101.39 per litre
Diesel - Rs 88.77 per litre
Petrol - Rs 99.20 per litre
Diesel - Rs 93.38 per litre
Petrol - Rs 101.72 per litre
Diesel - Rs 91.84 per litre
Petrol - Rs 109.58 per litre
Diesel - Rs 97.40 per litre
Petrol - Rs 105.40 per litre
Diesel - Rs 96.84 per litre
Petrol - Rs 104.84 per litre
Diesel - Rs 94.19 per litre
Petrol - Rs 98.29 per litre
Diesel - Rs 89.02 per litre
Petrol - Rs 98.39 per litre
Diesel - 95.85 per litre