And on the 16th day, the fuel price rises again, dashing the hopes of the common man.
Today, the fuel price had dropped its value to 62 paise for petrol and 60 paise for diesel. But this is not so.
The actual value dropped was just 1 PAISE- for both petrol and diesel.
In Delhi, the petrol price is at Rs 78.42 while in Mumbai it is at Rs 86.23. The diesel price is at Rs 69.30 in Delhi and Rs 73.78 in Mumbai. After revision, in Kolkata, the petrol is at a rate of Rs 81.05 per litre whereas, in Chennai, the rate is at Rs 81.42 per litre.
WHY WAS THERE A HUGE DIFFERENCE?
The reason behind the consumers’ short-lived joy was an error in the official website of Indian Oil Corporation (IOCL).
Prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.
Petrol and diesel prices in India are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1.
Oil prices fell to about $75 a barrel as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.
READ ALSO: FINALLY, fuel prices fall down
India’s three state-run fuel retailers – IOC, BPCL and Hindustan Petroleum Corp – control most of India’s fuel retail market and tend to move their fuel prices in tandem.
Meanwhile, the Oil Ministry has also given its in-principle approval for futures trading in petrol as well as diesel. A final clearance in this regard is expected from regulator Sebi soon.
“The Petroleum and Natural Gas Ministry has given an in-principle nod to launch petrol and diesel futures contracts and we are hoping that Sebi will give final approval in this regard soon,” ICEX managing director and chief executive officer Sanjit Prasad had said on Monday.
Doesn’t it seem like a cruel joke?
Road Transport and Highway Minister Nitin Gadkari, last Friday had said that the fuel price should fall under the GST rule as this will help curb the recent changes in the commodity’s value.
He also added that this was his personal opinion.
CURRENT FUEL PRICE
This is the current fule price
Delhi
PETROL: 78.42/l
DIESEL: 69.30/l
Kolkata
PETROL: 81.05/l
DIESEL: 71.85/l
Mumbai
PETROL: 86.23/l
DIESEL: 78.78/l
Chennai
PETROL: 81.42/l
DIESEL: 73.17/l
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