Petrol and diesel prices to drop further only if this happens…

  • Only when the fall in rates of crude oil is sustained for a few more days there would be a reduction in retail petrol and diesel prices.
Petrol and diesel prices remain static for 25 days straight. (HT_PRINT)
Petrol and diesel prices remain static for 25 days straight.

Petrol and diesel prices have been static for the last 25 days after the central government reduced excise duty on both fuels. The pricing of both motor fuels is likely to come down further. However, there is a catch. It will happen only if the international oil prices drop sustainably.

Also Read : CNG becomes costlier in this city, 14 hikes in ten months: Details here

Domestic retail prices of petrol and diesel in India are fixed on a 15-day rolling average. The price revision in India is based on the average benchmark international fuel rate in the previous fortnight.

Also check these Cars

Find more Cars
Mahindra Ekuv100 (HT Auto photo)
UPCOMING
40 kWh 85 Kmph 150 Km
₹ 8.25 - 10 Lakhs
View Details
Porsche 911 Gt3 (HT Auto photo)
3996.0 Petrol Automatic
₹ 2.50 Cr
Compare
View Offers
Mahindra S204 (HT Auto photo)
UPCOMING
₹ 12 Lakhs
View Details
Lexus Nx (HT Auto photo)
2494.0 Multiple Both
₹ 64.90 - 71.60 Lakhs
Compare
View Offers
Rolls-royce New Ghost (HT Auto photo)
UPCOMING
6750 cc Petrol Automatic
₹ 6.95 - 7.95 Cr
View Details
Mercedes-benz Amg E53 Cabriolet (HT Auto photo)
2999.0 cc Petrol Automatic
₹ 1.30 Cr
Compare

The global benchmark Brent crude oil prices remained largely range-bound at around $80-82 per barrel during November. On Friday, crude oil prices dropped by around $4 per barrel.

If this slump in global crude oil prices continues, then the Indian market too is likely to witness further drops in petrol and diesel prices, bringing more relief for the domestic consumers.

The latest slump in global crude oil prices come as a knee jerk reaction from concerns around the new Covid-19 variant discovered in Southern Africa. It might dampen economic growth and trigger a demand slump across the world, resulting in a drop in crude oil prices.

Retail prices of petrol and diesel have remained unchanged since November 5. The static prices of petrol and diesel come after a decrease in excise duty by 5 per litre and 10 a litre respectively. After that, several state governments too reduced their respective VAT rates on motor fuels to provide further relief to consumers.

With these subsequent tax cuts, petrol and diesel prices have been reduced to below 100 a litre in many places. However, the major cities are still selling per litre petrol and diesel at 100 or above prices. Petrol in Delhi now costs 103.97 a litre and diesel is priced at 86.67 per litre.

First Published Date: 28 Nov 2021, 14:44 PM IST
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.