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The Brent October on the Intercontinental Exchange was trading at $95.54 at 14:15 IST, an increase of 2.71% from its previous close. The price of a barrel of West Texas Intermediate on the NYMEX increased 2.56% to $89.09.
The company stated that the recent move by the government has helped the City Gas Distribution (CGD) industries to moderate prices of CNG and home PNG to customers.
The Chief Minister Eknath Shinde led Maharashtra government has decided to reduce the price of petrol and diesel by reduction in value added tax (VAT) on the same commodities. Check the new prices below.
Fuel Prices unchanged for almost 3 weeks, check price updates.
The excise duty cut in petrol and diesel prices by the Indian government will bring down prices of petrol and diesel, and simultaneously lead to some cool off in the inflation.
The sharp rise in fuel prices has occurred due to the climbing international benchmark Brent Crude, which is used to price over three-quarters of the world’s traded oil.
In metropolitan cities like Mumbai and Delhi, the diesel prices were cut by 20 paise, bringing down the prices to Rs.97.04 and Rs 89.47 per litre respectively.
It is essential to note that the prices of petrol have hiked up 7 times in the past 12 days. The prices of petrol have increased up to Rs. 2.38 and that of diesel by 57 paise.
Even after reaching a new record high on the previous day, the price of petrol and diesel remains unchanged on 11th July.
On Thursday, a surge in the auto fuel rates continue to be unabated for the 37th time in 66 days.
The prices of fuel continues to rise across India and also has crossed the Rs 100 ball park in 16 states and Union territories, however the rates may differ from state to state depending on the VAT (value added tax).
In the 16th hike this month, petrol and diesel have reached a new high, going up 29 paise per litre and 26 paise a litre respectively.
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