Fuel rates continue to increase. Petrol rates were raised by 25 paise-35 paise and diesel rates went up by 35 paise on October 21. Fuel rates were last hiked on October 20. Petrol and diesel rates were kept unchanged on October 19 and October 18.
After the recent hike, petrol costs Rs 106.54 per litre in Delhi and diesel is selling for Rs 95.27 per litre in the national capital. Petrol used in two-wheelers and cars costs 33 per cent more than aviation turbine fuel (ATF) sold to airlines. ATF costs Rs 79,020.19/kilo litre in Delhi or roughly Rs 79/litre.
Petrol costs Rs 112.44 per litre in Mumbai whereas diesel is now selling for Rs 103.26 per litre in India’s financial capital. Petrol is inching closer towards the Rs 104 per litre mark in Chennai and currently is selling at Rs 103.61 per litre. A litre of diesel, on the other hand, costs Rs 99.59 in Chennai.
Petrol and diesel cost Rs 107.11 per litre and Rs 98.38 per litre in Kolkata respectively. Petrol and diesel are the most exorbitantly priced in Bhopal among the major Indian cities. A litre of petrol is selling for Rs 115.27 whereas diesel is available for Rs 104.52 per litre in Bhopal.
PETROL, DIESEL PRICES ACROSS MAJOR INDIAN CITIES ON OCTOBER 21, 2021
State-backed oil marketing companies (OMCs)—Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) revise petrol and diesel rates daily on the basis of value-added tax (VAT) levied on fuel across different states, freight charges, average price of benchmark fuel in the international market in the past 15 days and foreign exchange rate. These revisions become effective from 6am in the morning.
GLOBAL OIL PRICES
Oil prices shot up on Thursday on supplies of gasoline reaching lowest levels since 2019. US crude stocks dropped by 431,000 barrels in the week to October 15 to 426.5 million barrels while US gasoline stocks fell by 5.4 million barrels in the week to 217.7 million barrels, lowest since November 2019, the US Energy Information Administration (EIA) said.
While Brent crude futures went up by 17 cents or 0.2 per cent to $85.99 per barrel, US West Texas Intermediate (WTI) crude futures gained 37cents or 0.4 per cent to $83.79 per barrel, Reuters reported.
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