Oil Minister Hardeep Singh Puri said stable oil prices could give oil marketers the space they need to lower petrol and diesel prices due to strong business results in the June quarter.
Oil prices have been flat since last year after the government issued price regulations following a spike in global Brent oil prices due to the outbreak of the Russia-Ukraine war.
The center also reduced the excise tax on petrol by Rs 9.5 per liter and Rs 7 per liter on diesel last year.
What is petrol and diesel in Delhi today?
The price of a liter of petrol in Delhi is Rs 96.72/liter, while a liter of diesel costs Rs 89.62/liter. These prices are unchanged as of May 2022.
How do oil companies make profits?
When gasoline and diesel prices were set last year, the benchmark Brent oil price was $113.42 a barrel.
Today, while the price of a barrel of Brent oil fell to $86.24 a barrel, gasoline and diesel prices were unchanged. This led to quarterly criticism that changes in the price of Brent crude were not passed on to customers. Can states lower gas and diesel prices?
Responding to criticism from opposition parties, Mr. Puri said BJP-led states were quick to cut value-added taxes on gasoline and diesel to control fuel taxes.
However, countries ruled by the opposition have not taken the same step, he suggested.
Are petrol prices higher in India?
In contrast, the increase in gasoline prices in India is lower than in neighboring countries in the subcontinent, Puri said. While Pakistan saw a 50.83% increase in gasoline prices, Bangladesh is not far off with a 30.11% increase.
According to Puri, even the United States saw a 30.15% increase in gasoline prices. By comparison, India saw a 2.36% increase in gasoline prices, he added.
What about the price of kerosene and the price of LPG?
Unlike gasoline and diesel, the price of jet fuel and liquefied petroleum gas (LPG) continues to be adjusted on the 1st and 15th of every month. These price adjustments reflect the volatility of Brent oil prices.
Price of domestic LPG cylinders (14.2 kg) by city
Deli 1103 Rs
Kolkata 1,129 Rs
Mumbai 1,102.50
Chennai 1,118.50 Rs
Price of commercial LPG tank (19 kg) calculated by metro:
Deli 1680 Rs
Kolkata 1802.50 Rs
Mumbai 1640.50 Rs
Chennai 1852.50 Rs
