Post the sudden and unexpected relief on excise duty cut, petrol and diesel prices across the country on November 8, 2021 are constant for the fourth day in a row today. After the excise duty cut, petrol rate in the country saw a reduction in price by Rs. 7-8, while for diesel rates came down by Rs. 11-13 per litre.
Here are the latest fuel rates as on November 8, 2021:
|Metro city||Petrol rate in Rs/litre||Diesel rate in Rs./litre|
The centre has announced excise duty reduction on auto fuels petrol and diesel by Rs. 5 and Rs. 10 respectively. Post which several BJP led states have also reduced the VAT implication but even after this fuel rate still rules above Rs. 100 mark in most Indian cities.
State-run oil marketing companies including BPCL, HPCL and IOC began revising fuel rates on a daily basis on September 24 after international crude rates hit close to a 3-year high. Notably, now the crude prices internationally have hit 7-year high.
International crude rates
Internationally, crude rates have been gaining after OPEC plus producers have rejected to give into the demands of the US to increase supply. Both the benchmarks last traded with gains of over 1 percent to between $82-$83 per bbl.