New Delhi: Fuel prices were unchanged on Wednesday after five consecutive day hike by the oil marketing companies.
Petrol and diesel prices that remained unchanged for 48 days, saw a rate revision on November 20 (Friday), as state-run oil marketing companies hiked fuel prices.
On Tuesday (November 24) Petrol prices were hiked by 6 paise to Rs 81.59 per litre in Delhi, while disel pries were hiked by 16 paise to Rs 71.41 per litre. Rates differ from state to state depending on the incidence of VAT. Taxes make up for nearly two-third of the retail selling price.
Here is looking at the price difference of diesel and petrol in four metro cities on November 25.
In September, diesel prices saw first reduction since mid-March when Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) froze rates for 82 days to adjust a record hike in excise duty on auto fuels against falling benchmark cost.
Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25. Diesel price has remained unchanged in the country since July 25, except in Delhi where a reduction in VAT lowered the rate by Rs 8.38 per litre. Petrol price went up by Rs 9.17 per litre between June 7 and June 29 before hitting a pause. The revision cycle again started on August 16 and rates have gone up by Rs 1.51 since then. In all, the petrol price has risen by Rs 10.68 since June 7.
Brent crude was up 54 cents, or 1.1%, at $48.40 a barrel by 0247 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 47 cents, or 1.1%, to $45.38 a barrel, after rising more than 4% on Tuesday. Both contracts are at their highest since early March and have rallied nearly 10% in the last four days, a Reuters report said.
With Agency Inputs