Diesel prices reduced by 19 to 21 paise across the country on August 18, while petrol prices stayed steady. The price of diesel in Delhi has dropped by 20 paise. According to Indian Oil Corporation Limited's (IOCL) pricing listing, this reduced the diesel price in the national capital from Rs 89.87 per litre to Rs 89.67 per litre on the same day.
For the past 32 days, petrol prices have stayed steady, while diesel rates have reduced by 20 paise on Wednesday. Petrol prices in key metro cities are still at all-time highs, with only diesel showing any signs of adjustment so far.
The price of petrol, on the other hand, remained unchanged for the day. The most recent increase brought the price of petrol in Delhi to around Rs 102 per litre. The price of petrol in New Delhi has risen to Rs 101.84 a litre.
Diesel rates in Mumbai were reduced by 21 paise, bringing the rate down from Rs 97.45 per litre to Rs 97.24 per litre. Diesel prices have also dropped in Kolkata. In the West Bengal capital, petrol was offered for Rs 92.82 per litre, down 20 paise from the previous price of Rs 93.02 per litre. The price of petrol remained unchanged at Rs 102.08 a litre.
Due to sluggish demand in Asia, crude oil prices have continued to fall. This is due to a strong dollar and an increase of Covid-19 cases in Japan. Brent crude finished the session with a loss of 48 cents, or 0.7 percent, resulting in a closing price of $69.03 per barrel. In contrast, the price of US West Intermediate crude (WTI) fell by 70 cents, or 1%, to $66.59 a barrel, according to the report.
Oil marketing organisations such as Bharat Petroleum, Indian Oil, and Hindustan Petroleum modify the prices of petrol and diesel. Every day at 6 a.m., the new pricing goes into effect. Because of differences in value-added taxes, local and freight charges, and other factors, fuel prices vary by state and city.