Inspite drastic reduction of crude prices by 15% during this fortnight in India Petrol, Diesel Prices remained stable for the 24th consecutive day on Sunday, November 28.
In the national capital, Delhi petrol is currently sold for ₹ 103.97, while the diesel rates stood at ₹ 86.67 per litre, according to Indian Oil Corporation. In Mumbai, petrol is retailed at ₹ 109.98 per litre; while diesel is being sold at ₹ 94.14 per litre. In Chennai petrol sold at 101.40 and diesel sold at 91.43
In the last two years Union government drastically increased via Excise duty cess route ( non returnable to India states ) up to 32 Rupees per litre .
But after many protest On November 4, the government had slashed excise duty on petrol by 5 Rupees per litre and diesel by 10 Rupees per litre to bring rates slightly down from the record-high levels.
Despite the reduction in prices, petrol rates are still above the ₹ 100 per litre mark across the four metros and several cities in the country.
Also after Indian Union 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..
But even when 15% drop in crude oil price taken place why this not passed to its Indian consumers when the petrol policy is been made market driven and adjusted on daily basics reacts angrily micro bloggers
It is important to note In India after BJP government taken charge it allowed petrol prices to be decided by oil companies on Day to day basics and declared the pricing mechanism was market driven
Oil prices had plunged $10 a barrel on November 26, their largest one-day drop since April 2020.
The consume prices have hiked on day to day basics when crude prices shoot up but for the past two weeks even though the prices of International crude oil fallen drastically by 15% but the benefits not based over ..