Petrol and diesel prices in India’s major cities remained unchanged on December 8, according to the latest notification from fuel retailers.
The fluctuation in fuel prices is usually determined by a variety of factors such as Value Added Tax (VAT), freight charges, and local taxes. Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd. (IOCL) and Hindustan Petroleum Corporation Ltd. (HPCL) revise their prices following international benchmark prices and forex rates.
See Also: Tighter Rules For Policybazaar? Analysts Brace For RBI Hit To PB Fintech
In Delhi, the petrol and diesel prices are ₹96.72/litre and ₹89.62/litre respectively. Mumbai sees a cost of ₹106.31/litre for petrol and Rs 94.27/litre for diesel. In Chennai, petrol and diesel are priced at ₹102.80/litre and ₹94.40/litre, while in Kolkata, they are priced at Rs 106.03/litre and Rs 92.76/litre respectively.
The last nationwide change in fuel rates took place on May 21 last year when Finance Minister Nirmala Sitharaman reduced the excise duty on petrol by ₹8 per litre and ₹6 per litre on diesel.
Meanwhile, on Friday, Brent crude futures rose by 68 cents, marking a 0.9% increase to US $74.73 per barrel, while U.S. West Texas Intermediate crude futures also saw a 0.9% rise, gaining 64 cents to reach US $69.98 per barrel.
Read Next: Micro Cap Stock Jumps 5% After Bagging Order From Tata Group
This story was originally published in the Free Press Journal.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.