Commodities, Featured

Petrol And Diesel Commodities Prices Drop For Fifth Successive Day In India

Petrol and diesel commodities prices dropped for the fifth consecutive day across India on October 22, 2018. State-run oil marketing companies including Indian Oil, Hindustan Petroleum, and Bharat Petroleum have cut the prices of petrol and diesel across the four metro cities.

According to IOC (Indian Oil Corporation), petrol was sold at 81.99 Rupees, 83.83 Rupees, 87.46 Rupees, and 85.22 Rupees per litre in New Delhi, Kolkata, Mumbai and Chennai, respectively. Diesel was priced at 75.36 Rupees, 77.21 Rupees, 79.00 Rupees, and 79.69 Rupees per litre in New Delhi, Kolkata, Mumbai and Chennai, respectively.

The oil marketing companies alter petrol and diesel commodities prices with effect from 6 am on a daily basis based on the rupee-dollar rate and global crude oil prices. The government permitted update of fuel rates consistently since mid-June last year to mirror changes in prices immediately.

In the meantime, all petrol and CNG (Compressed Natural Gas) pumps in the national capital have remained shut from 6 am on October 22 to 5 am on October 23, as DPDA (Delhi Petrol Dealers Association) has announced a strike.

The strike has been brought in the challenge against the Delhi government’s refusal to slash VAT (Value Added Tax) on petrol and diesel. Owing to the strike, around 400 petrol pumps, along with linked CNG dispensing units, in Delhi were shut down.

Internationally, oil costs ascended on October 19, 2018, on indications of flooding request in China, the world’s second-biggest oil purchaser despite the fact that costs were set out towards a second weekly decline on swelling US inventories and concern that trade wars were controlling monetary action, according to NDTV PROFIT.

Petrol and diesel commodities prices dropped by at least 2.50 Rupees per litre across the nation on October 05, 2018, when the government slashed excise duty on the two fuels by 1.50 Rupees per litre and requested oil PSUs to sponsor them by another 1 Rupee per litre, as reported on Moneycontrol.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Bindhu Mol. G loves writing news articles. She excels in SEO articles, technical articles and academic articles. She covers commodities and mutual fund news for OWLT Market.

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