August 19, 2021 1:43:34 pm
Petrol and diesel price today: Prices of diesel were cut for the second consecutive day on Thursday, August 19, while petrol prices continued to remain steady. In the national capital, diesel slipped 20 paise per litre.
The fuel prices were revised for the first time in over a month on Wednesday when diesel prices were cut by 20 paise per litre in New Delhi. Petrol price, however, was last revised across the country on July 17, when it rose by 30 paise in the national capital and touched a fresh record high.
Following the latest price revision, petrol in Delhi is retailing at Rs 101.84 a litre while diesel is now selling at Rs 89.47. In the financial capital Mumbai, petrol price stands at Rs 107.83 while diesel now costs Rs 97.04, data available on Indian Oil Corporation’s website showed.
This is the second successive cut diesel prices so far in August, while there hasn’t been any change in petrol prices. In July, petrol prices were hiked nine times while diesel rates were raised on five occasions and cut on one occasion. In June, both the auto fuel prices were hiked on 16 occasions, which followed the 16 hikes in the month of May after the oil marketing companies (OMCs) resumed their price revisions ending an 18-day hiatus that coincided with the assembly elections in key states. Since May 4, petrol price has increased by Rs 11.44 per litre and diesel has climbed by Rs 8.74 in New Delhi.
Fuel prices in India differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.
OMCs revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.
In the international market, crude oil prices fell for a sixth day in their longest losing streak since February 2020, as a spike in COVID-19 cases worldwide fuelled fears of lower fuel demand while a surprise build in US gasoline inventories and a stronger dollar added to the pressure, news agency Reuters reported.
Brent crude was down $1.11 (1.6 per cent) at $67.12 a barrel at 0639 GMT, after touching the lowest since May 24 at $67.06 earlier in the session. US West Intermediate crude (WTI) fell $1.35 (2.1 per cent) to $64.11 a barrel after falling to as low as $64.02, also the lowest since May 24. WTI has dropped more than 7 per cent while Brent has slumped more than 6 per cent during the six-day losing streak, the longest since a six-day decline for both contracts that ended on February 28, 2020, the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Thursday, August 19, 2021:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|
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