The Indian Oil Corporation informed on Friday that the petrol and diesel prices were reduced by 15 paise and 14 paise per litre respectively.
After the cut in prices on Friday, a litre of diesel costs Rs 66.82 in Mumbai, Rs. 66.66 in Guwahati and Rs 63.81 in Delhi, while a litre of petrol is priced at Rs 76.83 in Mumbai, Rs. 73.22 in Guwahati and Rs 71.14 in Delhi. The retail prices of petrol and diesel are revised daily. The domestic fuel rates are revised on the basis of crude prices in the international market.
However, the Karnataka Chief Minister B.S. Yediyurappa on Thursday said that petrol and diesel would cost more in the state from April 1 due to tax hike on them in the state Budget 2020-21. “Petrol rate will increase by Rs 1.60 per litre and diesel by Rs 1.59 a litre from April 1, as I propose to increase 3 percent value-added tax (VAT) on both the fuels,” Yediyurappa told the Assembly.
Global oil benchmark Brent crude futures jumped 1.37 percent to USD 51.83 per barrel. Benchmark crude oil was down 1 cent to USD 46.76 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil, the international standard, shed 3 cents to USD 51.10 a barrel. The dollar fell to 106.89 Japanese yen from 107.55 yen on Wednesday. The euro rose to USD 1.1182 from USD 1.1131.