Fuel prices remain unchanged for 24 days in a row

New Delhi : Petrol and diesel prices have not changed in the last 24 days. In the national capital, petrol is being sold for Rs 103.97, while the diesel rates stood at Rs 86.67 per litre, according to Indian Oil Corporation. In Mumbai, petrol is retailed at Rs 109.98 per litre; while diesel is being sold at Rs 94.14 per litre.

Three weeks back, the government had announced a reduction in excise duty on petrol and diesel to bring rates slightly down from the record-high levels. Despite the less taxes, the price of petrol was above Rs 100 per litre in many parts of the nation. 

It is likely that the fuel prices will further decrease as the crude oil prices have gone down in the global market. Also after the government announced on November 23 that it has decided to release five million barrels of crude oil from its strategic reserves along with other major oil consumers like the US, Britain, China, Japan and South Korea, to dampen international prices, chances of petrol and diesel prices coming down in the near future in the country, look bright.

Currently, among the metro cities, fuel rates are the highest in Mumbai. The rates vary across the states due to value-added tax or VAT.