Petrol and diesel rates remained stagnant across the metros on Monday, August 23, after the rates were slashed for both key fuels on the previous day. Last week fuel prices were revised for the first time in over a month. Over the past three days, prices of diesel were consistently reduced by around 18 to 20 paise across the metros. However, while diesel continues its descending trend, petrol prices continued to remain steady.
According to a price notification by state-run oil companies, the price of retail pump petrol in the national capital remained unchanged at Rs 101.64 a litre, diesel too remained steady at Rs 89.27. Prices of both key fuels witnessed a similar trend in Mumbai as well. The petrol and diesel prices are at Rs 107.66 per litre and Rs 96.64 per litre respectively in the financial hub. Notably, among the four metros, petrol and diesel prices remain the highest in Maharashtra’s capital.
In Chennai, a litre of petrol is being retailed at Rs 99.32, on Monday, while the price of a litre of diesel was at Rs 93.66.
Consumers in Kolkata have to shell out Rs 101.93 per litre of petrol, while diesel costs Rs 92.13 a litre.
On the overseas front, oil prices reversed out of a seven-day losing stretch on Monday as investors lobbed on crude at bargain levels. Brent Crude climbed 60 cents, or 0.9 per cent, to USD 65.78 a barrel and US West Texas Intermediate (WTI) crude futures for October rose 53 cents, or 0.9 per cent, to USD 62.67 a barrel, NDTV reported.
Petrol and diesel prices are revised by the oil marketing companies (OMC) and the new prices are implemented at 06:00 AM IST, each day. However, fuel prices vary across the country due to value-added tax (VAT) and other taxes levied by the respective states and Union Territories.
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