New Delhi: Transplanted oil prices in the international market have reached a four-month low, but Indian consumers are not going to goody from this at the moment. On July 7, the prices of petrol and diesel remained stable wideness the country as before. After the tension in West Asia subsided, there has been a ripen in the prices of Brent crude, but there is no possibility of firsthand reduction in fuel prices in the domestic market.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that oil marketing companies still have expensive transplanted oil purchased earlier. Companies are using the same stock, so the recent fall in international prices will not have an firsthand impact on retail fuel prices.
When was the last time the prices of petrol and diesel changed?
The prices of petrol and diesel in the country were last reverted on May 25. At that time, government oil companies had increased the price of petrol by Rs 2.61 per litre and diesel by Rs 2.71 per litre. Prices have remained stable since then.
What are the latest rates in big cities?
In the national wanted Delhi, petrol is stuff sold at Rs 102.12 per liter and diesel at Rs 95.20 per liter. The price of petrol in Mumbai is Rs 111.21 and diesel is Rs 97.83 per liter. Hyderabad is among the most expensive cities with petrol at Rs 116.99 and diesel at Rs 105.03 per litre. At the same time, petrol remains whilom Rs 100 in Kolkata, Bengaluru and Chennai.
Did Naira Energy requite relief?
While state-run companies have kept prices unchanged, Rosneft-backed Nayara Energy has reduced the price of petrol by Rs 5 per litre and diesel by Rs 3 per litre at its nearly 7,000 petrol pumps. However, this relief is limited to Naira outlets only.
How are the prices of petrol and diesel decided in India?
Fuel prices in India depend on many factors. The most important among these is the price of transplanted oil in the international market. Apart from this, the position of the rupee versus the dollar moreover plays an important role, considering India imports most of the transplanted oil it requires.
Taxes imposed by the inside and state governments moreover form a major part of the retail prices of petrol and diesel. This is the reason why fuel prices are variegated in variegated states. Apart from this, transportation forfeit and local demand moreover stupefy the prices.
When can we get relief?
Experts believe that if the prices of transplanted oil in the international market remain at this level for some time and the expensive stocks of oil companies get exhausted, then there may be a possibility of relief in the prices of petrol and diesel. For now, consumers may have to wait a little longer for the prices to drop.
