Fuel Rates Constant For Over Three Weeks Now; WTI Crude Plunges To $68.15/bbl

Petrol and diesel prices continue to be constant for more than three consecutive weeks now as on November 27, 2021 (Saturday). 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 27, 2021:

On the centre's push as many as 27 states and UTs even have announced VAT cut, bringing down the cost of fuel that scaled to record high levels hurting consumers.

But still there are states that have not reduced VAT including Congress and its allied led Jharkhand, Maharashtra and TN. Delhi, West Bengal, Kerala, AP and Telangana have also not slashed VAT.

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 oil rates

Amid a new Covid variant found in South Africa that could trigger the possibility of travel restrictions, oil prices in international market took a severe hit with WTI crude plunging by close to 13 percent to $68.15 per barrel. Brent crude on the other hand was dragged lower by over 11 percent to $72.89 per barrel.

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