Fuel prices were reduced marginally on Sunday across the four metro cities by the state run oil marketing companies (OMCs). In Delhi, petrol was sold at Rs 77.73 per litre while diesel price stood at Rs 72.46 per litre with effect from 6:00 am, according to state-run Indian Oil Corporation. In Mumbai, petrol and Diesel Prices were Rs 83.24 per litre and Rs 75.92 per litre respectively. In Kolkata, the petrol and diesel rates were Rs 79.65 per litre and Rs 74.32 per litre respectively, according to Indian Oil Corporation. Petrol and diesel prices stood at Rs 80.73 per litre and Rs 76.59 per litre respectively in Chennai.
Here are 5 things to know about petrol prices, diesel rates:
1. As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.
2. Petrol and diesel prices vary from region to region due to local taxes, as the products are excluded from the Goods and Services Tax (GST) regime. Delhi has the lowest tax rate among the four metros.
3. The downward revision comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar, reported news agency IANS (Indo Asian News Agency).
4. On Friday, global oil prices fell to multi-month lows. Benchmark Brent crude fell 47 cents or 0.7 per cent to settle at $70.18 a barrel. During the session Brent fell below $70 a barrel for the first time since April.
5. Earlier last month, the Centre announced a cut of Rs 2.50 a litre each for petrol and diesel and urged state governments to match the reduction.
(With inputs from agencies)
The post Petrol Diesel Prices Drop On November 11. Cheaper Fuel Rates Today In These Cities 5 Things To Know appeared first on ZERO VIRAL.