Home > Markets > Stock Markets > Petrol prices remain at lowest level in over 2 months

Petrol and diesel prices remained unchanged today. In Delhi, petrol retailed at 73.60 a litre, unchanged from yesterday's levels. This is the lowest since November 15, 2019. In Kolkata, Mumbai and Chennai petrol was today sold at 76.22, 79.21 and 76.44 respectively, according to Indian Oil website.

Diesel prices also remained steady today. In Delhi, diesel retailed at 66.58 a litre, the lowest since December 21, 2019. In Kolkata, Mumbai and Chennai prices remained at 68.94 a litre, 69.79 and 70.33 respectively.

In India, the retail prices of petrol and diesel are dependent on the international crude prices and the rupee-US dollar exchange rate. India imports nearly three-fourth of its crude requirements. Oil marketing companies, including Indian Oil, revises domestic petrol and diesel prices on a daily basis, effective from 6 am.

Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing multiplicity of taxes and improving business climate, Press Trust of India reported.

When the Goods and Services Tax (GST) was introduced in 2017, some commodities including crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of its purview given the revenue dependence of state governments on this sector.

In global markets, Brent crude rose over 1% today to be back above $60 a barrel, recouping some losses after a five-day rout. Financial markets, including commodities, have been hit by the spread of the virus out of China are trying to assess the economic fallout, with the death toll rising to 132 and airlines reducing flights to China.

The Organization of Petroleum Exporting Countries wants to extend oil production cuts until at least June from March, and may deepen the reductions, should demand for oil in China be significantly reduced by the spread of the virus, Reuters reported citing sources. (With Agency Inputs)

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