State run oil retailers have not revised fuel rates in the country now for 26 straight days. The last revision was implemented for petrol rates on July 17, when it had scaled to a fresh high, with an increase of 30 paise per litre, while diesel prices remained steady.
Here are the fuel rates across 4 metro cities on August 12, 2021:
|Metro city||Petrol rate in Rs/litre||Diesel rate in Rs./litre|
Other than the excise duty levied on auto fuels by the centre, there are other costs such as local taxes or VAT and freight charges due to which fuel rates vary across states.
The state run oil marketing companies including IOC, BPCL and HPCL revise fuel rates on a daily basis based on the average price of the benchmark crude rate internationally in the previous fortnight and foreign exchange rate.
On Wednesday, the White House pushed OPEC to scale up oil production considering that the fresh increases shall not be sufficient as countries world over are recovering from the coronavirus pandemic fall-out. WTI benchmark of crude last as per Investing.com traded higher by 0.09% at $69.31 per barrel.