Fuel prices set for potential ₹2-3 cut as marketing margins improve: ICRA
The improvement in marketing margins for Oil Marketing Companies (OMCs) has been largely driven by a significant drop in crude oil prices in recent months.
The improvement in marketing margins for Oil Marketing Companies (OMCs) has been largely driven by a significant drop in crude oil prices in recent months.
Reduced petrol and diesel prices will benefit the citizens through more disposable income, says government
State-run oil marketing companies have booked a combined loss of ₹27,276 crore in the first six months of the ongoing financial year, says Union minister Hardeep Puri.
Basic excise duty which is shared with states has not been touched, says FM.
Countries which have a lower per capita income like Kenya, Bangladesh, Nepal, Pakistan, and Venezuela have much lower prices of petrol.
States like Maharashtra, West Bengal, Telangana, Andhra Pradesh, Tamil Nadu, Kerala, and Jharkhand didn't reduce VAT on petrol and diesel in November last year.
Petrol and diesel rates were hiked by 80 paise on Tuesday.
This is the ninth hike in fuel prices in the past 10 days and it takes the total increase in rates so far to ₹6.40 per litre.
While petrol prices were hiked by 80 paise, diesel rates were raised by 70 paise.
Diesel and petrol prices have been hiked by 80 paise per litre across the country.