Petrol, diesel prices likely to be cut from November 1: Report

(Representative Image)

Oil marketing companies (OMCs) may cut petrol and diesel prices by 40 paise from tomorrow morning (November 1), CNBC Awaaz reported on October 31. OMCs notify fuel price revisions, if any, at 6 am daily.

According to the report, a reduction in oil prices by 40 paise is likely to occur daily for the next five days. That will bring a total reduction of Rs 2 in petrol and diesel prices in installments.

Meanwhile, OMCs like Indian Oil, Hindustan Petroleum Corporation and Bharat Petroleum Corporation announced no change in petrol, and diesel prices on Monday.

Today, petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively.

Petrol and diesel prices across the country have remained unchanged for over five months now. Since late May this year, when Finance Minister Nirmala Sitharaman announced a cut in excise duties on petrol and diesel by Rs 8 per litre and Rs 6 per litre, respectively, OMCs have not revised the prices.

Internationally, oil prices fell today (October 31) after weaker-than-expected factory activity data out of China and on concerns that the country's widening COVID-19 curbs will curtail demand.

Brent crude futures dropped 69 cents, or 0.7 percent, to $95.08 a barrel by 1240 GMT (around 6:10 pm IST), extending Friday's 1.2 pecent decline, according to Reuters. US West Texas Intermediate (WTI) crude was down 84 cents, or 0.9 percent, at $87.06 after losing 1.3 percent on Friday.

Both benchmarks, however, are on track for their first monthly gains since May.

Separately, state-owned Indian Oil Corporation (IOC) on October 29 reported a net loss of Rs 272.35 crore for July-September

The decline comes on the back of a Rs 1,992.53 crore loss incurred in the previous April-June quarter. This is the first time that IOC has booked losses in two straight quarters - all because it sold petrol, diesel and cooking gas (LPG) at rates below cost.

(With agency inputs)