Why petrol, diesel prices have not changed in about a month now

State-owned Indian Oil Corp (IOC) on Friday said international oil prices have been range-bound in the last few weeks, warranting no revision in retail petrol and diesel rates.

Petrol and diesel prices in India has not changed for about a month now. (File photo) (PTI)
Petrol and diesel prices in India has not changed for about a month now. (File photo)

While petrol price hasn't changed since September 22, diesel rates have been static from October 2.

"Crude oil has not seen any drastic movement," IOC Chairman Shrikant Madhav Vaidya told reporters here. "Crude oil has traded in the USD 39 to 42 per barrel range in recent weeks."

The basket of crude oil that India buys has averaged around USD 40 per barrel in October as against USD 41.35 in the previous month.

He said this range-bound movement does not warrant a change in retail rates.

Also check these Cars

Find more Cars
Mercedes Benz C-class 2022 (HT Auto photo)
1496 cc | Petrol | Automatic (TC)
₹ 55 - 61 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Maruti Suzuki Baleno (HT Auto photo)
1197 cc | Petrol | Manual
₹ 6.50 - 10 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Porsche Macan (HT Auto photo)
1984 cc | Petrol | Automatic (Dual Clutch) | 12.35 kmpl
₹83.21 Lakhs - 1.36 Cr* Ex-showroom price
Add to compare
Check latest offers
Audi A6 (HT Auto photo)
₹ 54.42 - 62.43 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Mercedes-benz A-class Limousine (HT Auto photo)
₹ 45.80 - 46 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Volvo S60 (HT Auto photo)
₹ 45.90 Lakhs* *Ex-showroom price
Add to compare
Check latest offers

As per practice, petrol and diesel prices are revised daily on the basis of change in benchmark international oil price and foreign exchange rate.

Petrol in Delhi currently costs 81.06 per litre while diesel is priced at 70.46.

The retail price of diesel was cut by 3.10 per litre and petrol by 0.97 between September 1 and October 2, he said.

Vaidya said the cracks or difference between crude oil and product price, have been low, which is a matter of concern.

Petrol and diesel cracks are around USD 2 per barrel as against USD 7.8 and USD 13.2 a barrel respectively last year, he said.

Substantial downward revision and stability in the prices of essential petroleum products – petrol, diesel, LPG cooking gas and kerosene – in the recent months, have brought much-needed relief for the common man as well as the poorer sections of society.

There has been no change in the selling price of LPG for domestic use since July.

Even in the case of subsidised kerosene being supplied through the public distribution system (PDS), the cumulative reduction in retail price has been substantial. In Mumbai, the price has been cut by 12.73 per litre since February 16.

In the latest instance, PDS Kerosene price in Mumbai came down by 2.19 per litre at the beginning of this month – from 25.84 per litre to 23.65 a litre.

First Published Date: 31 Oct 2020, 10:38 AM IST
Shopping Bag Shop Now
70% OFF
VENO Portable High Power 2 in 1 Car Vacuum Cleaner | USB Rechargeable Wireless Handheld Car Vacuum Cleaner Traveling, Camping Reusable and Sustainable (2 in 1 Vacuum Cleaner)
Rs. 899 Rs. 2,999
1% OFF
Godrej aer O – Hanging Car Air Freshener | Car Accessories | Cool Aqua (7.5g)
Rs. 98 Rs. 99
65% OFF
Ambrane 38W Fast Car Charger with Dual Output, Quick Charge 3.0 and Power Delivery, Type-C & USB Port, Wide Compatibility for Smart Phones (RAAP C38 A, Black)
Rs. 349 Rs. 999
68% OFF
PUNZONE Car Body Scratch Remover - Scratch Repair Polishing Wax Kit Sponge Body Compound Cream Wax, Car Body Compound Scratch Remover
Rs. 289 Rs. 898

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
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.