Petrol and diesel prices continue to be same for close to three weeks on November 23, 2021 (Tuesday). The last time fuel prices were revised was on November 4 after the centre slashed excise duty on fuel. Consequently, petrol rate in the country was reduced by between Rs. 7-8 per litre, while for diesel rates came down by Rs. 11-13 per litre. Notably, the excise duty on petrol was slashed by Rs. 5 per litre, while that on diesel the cut was by Rs. 10 per litre. This has been the biggest ever cut in excise duty.
Here are the fuel rates as on November 23, 2021:
|Metro city||Petrol rate in Rs/litre||Diesel rate in Rs./litre|
On the centre's push many BJP ruled as well as opposition party led states even have announced VAT cut, bringing down the cost of fuel that scaled to record high levels hurting consumers immensely.
Since mid June 2017, fuel rates in the country are revised on a daily basis at 6 am and thus have been following dynamic pricing model. The international rates as well as foreign exchange rate influence fuel rates in the domestic market.
International crude rate
Notably as major global oil consumers show their intent to release their stockpiles crude is already seen to decline in price. In trade on Tuesday, WTI crude was down by over 0.5 percent at $76.31 per barrel, while Brent crude traded at a price of $79.46 per bbl.
Now as oil marketing companies revise fuel rates to align them with the international rate, we may see further cooling off in petrol and diesel rates in domestic markets.