Oil marketing companies (OMCs) did not change the fuel prices on May 18 the petrol and diesel rates continue to remain the same at the prevailing prices in major metros across India.
In Delhi, petrol prices remained at Rs 96.72 per litre while diesel was sold at Rs 89.62 a litre. On the other hand, in Mumbai, petrol is retailing at Rs 106.31, while diesel prices are Rs 94.27.
In Chennai, prices of petrol and diesel stood at Rs 102.63/litre and Rs 94.24/litre, respectively, while in Kolkata both fuels are priced at Rs 106.03/litre and Rs 92.76/litre, respectively.
In other news, the windfall tax on crude petroleum has been slashed to nil from Rs 4,100 per tonne, according to a notification issued by the government late on May 15.
Windfall tax, also referred to as the special additional excise duty (SAED), was already nil on aviation turbine fuel (ATF), petrol and diesel. This has been left unchanged.
The price of crude oil (Brent), currently at $72.60 per barrel, is down over 12 percent in the last month, 25 percent from October 2022 and over a third since June 2022 highs.
As India imports over 87 percent of its annual crude requirements, fluctuations in oil prices have a significant impact on India's balance of payments, inflation, government finances and interest rates. Although lower prices are generally beneficial, there may be counteracting forces at play.
(With inputs from PTI)
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