March 12, 2020 6:44:11 am
Petrol and diesel prices remained unchanged Wednesday after falling for six consecutive days in response to an international fall in the price of crude.
Oil marketing companies (OMCs) had reduced the retail price of petrol by Rs 1.72 to Rs 70.29 and that of diesel by Rs 1.69 to Rs 63.01 in the national capital in the past fortnight. In Mumbai, prices on Wednesday were Rs 75.99 for petrol and 65.97 down from Rs 80.79 and Rs 71.31 in the beginning of the year.
Fuel prices are set by OMCs on a daily basis, taking into account a 15-day average of international prices of these products as well as the exchange rate of rupee besides refining and marketing costs when they set recommended sale prices for retailers. Central excise duty and state value added taxes also form a major portion of retail prices for end consumers, accounting for around 49 per cent of petrol price in Delhi as of March 1.
Experts said that retail prices would likely fall further if crude prices stayed at current levels as it would bring down the average used to arrive at the recommended price for retail.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.