NEW DELHI: Petrol and diesel prices remained stable for the 35th day in a row today, despite the price of crude oil remaining at 75 75 a barrel in world markets. Due to the reduction in VAT, petrol prices in Delhi were reduced by about Rs 8 per liter on December 2, and since then, petrol in Delhi has remained stable at Rs 95.41 per liter and diesel at Rs 86.67 per liter.
Business started today with a good start in Singapore. London Brent crude rose 0.62 percent to 76 76.29 a barrel and US crude rose 1.30 percent to 73 73.30 a barrel.
The reduction in excise duty on petrol and diesel by the central government on the occasion of Diwali by Rs 5 and Rs 10 per liter, respectively, had brought down the prices of these two fuels in the country. Subsequently, the value added tax (VAT) on these two fuels was reduced in 22 states of the country, including Uttar Pradesh and Karnataka, and in the Union Territories.
The Delhi government has also announced a 30 per cent reduction in VAT on petrol in recent days amid mounting pressure from petrol pump owners, making petrol cheaper by Rs 8.56 per liter in Delhi. There has been no reduction in VAT on diesel which has kept it at the level of the previous day. The reduction in VAT by Delhi NCR and Uttar Pradesh and Haryana made petrol and diesel cheaper than Delhi, which had a major impact on its sales in the capital. As a result, dealers put pressure on the government to reduce VAT.
Petrol and diesel prices remained unchanged on the 35th day in the domestic market. Due to reduction in VAT in the national capital, the price of petrol at Indian Oil Corporation Limited (IOCL) stations remained at Rs 95.41 per liter and diesel at Rs 86.67 per liter.
Petrol and diesel prices are reviewed on a daily basis and on this basis new prices are applicable daily from 6 am. Today, petrol and diesel prices in the country’s four major metros are as follows:
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