Petrol and diesel prices remained unchanged across the country for the fourth day in a row on August 28, according to a price notification by state-run oil companies.
Petrol price in Delhi was cut to Rs 101.49 a litre and diesel to Rs 88.92 per litre on August 24. The prices remained the same on August 28 in the national capital.
In Mumbai, fuel prices witnessed a similar trend. The petrol price remained unchanged and retailed at Rs 107.52 a litre. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.
Diesel price also remained the same being sold at Rs 96.48 per litre in Maharashtra’s capital.
The fuel prices remain unchanged in Kolkata too, where a litre of petrol and diesel prices were Rs 101.82 and 91.98, respectively.
Petrol & Diesel Rates Aug 08, 2022
Chennai also retailed a litre of petrol at the same price - Rs 99.20. The DMK government in Tamil Nadu had earlier announced a tax cut of Rs 3 on petrol per litre. Diesel price also remained unchanged at Rs 93.52 per litre in Tamil Nadu’s capital.
The August 24 reduction came as international oil prices tumbled to their lowest level since May, after the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.
The price cut follows international oil prices tumbling to their lowest level since May after the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.
Meanwhile, the Puducherry government announced on August 25 that territorial administration has cut value-added tax (VAT) on petrol by three percent. The decision on the reduction was taken by Chief Minister N Rangasamy at a meeting of the territorial cabinet earlier on the day and was approved by Lieutenant Governor Tamilisai Soundararajan, according to an official press release.
With the cut, the price of petrol was reduced by Rs 2.43 per litre in Puducherry and Karaikal regions.
India is near 85 percent dependent on imports to meet its oil needs and so benchmarks local fuel rates to international oil prices.
Petrol and diesel price was last hiked on July 17. Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17.
Diesel rates had gone up by Rs 9.14 during this period. The price hike during this period pushed petrol prices above Rs 100-a-litre-mark in more than half of the country while diesel crossed that level in at least three states.(With inputs from PTI)