Petrol-diesel price : Fuel rate changed on Buddha Purnima!

On the occasion of Buddha Purnima, the Indian oil companies have kept the rate of petrol and diesel steady following the global clues . It is undoubtedly a big relief for common man amid the high inflation. It has been 349th days in a row that Indian oil companies have not raised the price of petrol and diesel. The price of petrol and diesel has remained unchanged on Friday, i.e. May 5, 2023. The steady price of fuel has brought respite among the public.

People get relief in inflation period where price of every commodity is increasing, price of petrol and diesel remain stable. Public sector oil marketing companies (OMCs) such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL) released their pricing on a daily basis in accordance following global benchmark prices.

The price of crude oil on the worldwide market has decreased. WTI crude has dropped to $78 per barrel, while Brent crude is now at $85 per barrel.

On Friday, the price of petrol is Rs 106.31 per litre in Mumbai, Rs 106.03 in Kolkata, Rs 96.72 in New Delhi, and Rs 102.63 in Chennai. It is again a relief for the common people.

International market impact

In the international market, the price of crude oil has been continuously declining for the last several days. The price of WTI crude has come down near $ 85.61 per barrel and Brent crude near $ 91.63 per barrel.

Earlier on May 21, the government had cut excise duty. Excise duty on petrol was cut by Rs 8 per liter and diesel by Rs 6 per liter. Since then the price of petrol and diesel has come down. After this, diesel became cheaper by Rs 9.50 and Rs 7 per liter in the country. After the announcement of the Center, the governments of Rajasthan, Maharashtra, Odisha and Kerala also cut VAT.

At present, petrol in Delhi is priced at Rs 96.72 per liter and diesel is being sold at Rs 89.62 per litre. At the same time, petrol is getting Rs 106.31 and diesel Rs 94.27 per liter in Mumbai. Whereas petrol in Kolkata is Rs 106.03 and diesel Rs 92.76 per liter. On the other hand, petrol is selling at Rs 102.63 and diesel at Rs 94.24 per liter in Chennai.