Petrol and diesel prices in the Indian market have remained untouched for yet another day. They have been stagnant since May 21, courtesy of a price freeze that state-run oil marketing companies (OMCs) need to recover losses racked up from the past two quarters. OMCs such as Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL), and Bharat Petroleum Corporation Ltd (BPCL), in the absence of a price freeze, used to revise the price of fuels every morning at 6 am. However, on December 21, they have continued with the no-change trend, keeping fuel costs in the country stationary.
According to the most recent update regarding fuel prices in India, the price of petrol in Delhi is at Rs 96.72 per litre, while that of diesel stands still at Rs 89.62. In India’s financial hub, Mumbai, the two primary automotive fuels revolve around Rs 100. While a litre of petrol is priced at Rs 106.31, the per litre price of diesel is locket at Rs 94.27. Chennai residents, who saw a similar price for diesel at Rs 94.33, have to shell out comparatively lesser Rs 102.73 per litre for petrol. The difference between the prices of the two fuels is wider in Kolkata, diesel retailing at Rs 92.76, while petrol is priced at Rs 106.03. Petrol prices remained above the Rs 100 mark in cities like Bhopal, Bengaluru, and Hyderabad, burning a hole in the pocket of residents here.
According to expert opinions and recent comments from Hardeep Singh Puri, the union minister of petroleum & natural gas, cited in the Financial Express, the price freeze is unlikely to end anytime soon. This is because OMCs are yet to make a full recovery, especially on the diesel side of the market.
Check fuel rates in different cities in the country on December 21:
Delhi
Petrol: Rs 96.72 per litre
Diesel: Rs 89.62 per litre
Chennai
Petrol: Rs 102.73 per litre
Diesel: Rs 94.33 per litre
Kolkata
Petrol: Rs 106.03 per litre
Diesel: Rs 92.76 per litre
Mumbai
Petrol: Rs 106.31 per litre
Diesel: Rs 94.27 per litre
Bengaluru
Petrol: Rs 101.94 per litre
Diesel: Rs 87.89 per litre
Lucknow
Petrol: Rs 96.57 per litre
Diesel: Rs 89.76 per litre
Hyderabad
Petrol: Rs 109.66 per litre
Diesel: Rs 97.82 per litre
Bhopal
Petrol: Rs 108.65 per litre
Diesel: Rs 93.90 per litre
Gandhinagar
Petrol: Rs 96.63 per litre
Diesel: Rs 92.38 per litre
Guwahati
Petrol: Rs 96.01 per litre
Diesel: Rs 83.94 per litre
Thiruvananthapuram
Petrol: Rs 107.71 per litre
Diesel: Rs 96.52 per litre
The state-to-state variation in prices of fuels visible here is due to different state governments assigning different values to charges such as Value Added Tax (VAT), freight expenditures, and municipal taxes, among others.
Read all the Latest Business News here
Comments
0 comment