State-owned Indian Oil Corp (IOC) on Friday stated worldwide oil costs have been range-bound in the previous few weeks, warranting no revision in retail petrol and diesel charges. Whereas petrol value hasn’t modified since September 22, diesel charges have been static from October 2.
“Crude oil has not seen any drastic motion,” IOC Chairman Shrikant Madhav Vaidya advised reporters right here.
“Crude oil has traded within the USD 39 to 42 per barrel vary in latest weeks.”
The basket of crude oil that India buys has averaged round USD 40 per barrel in October as towards USD 41.35 within the earlier month.
He stated this range-bound motion doesn’t warrant a change in retail charges.
As per observe, petrol and diesel costs are revised each day on the idea of change in benchmark worldwide oil value and overseas change charge.
Petrol in Delhi at the moment prices Rs 81.06 per litre whereas diesel is priced at Rs 70.46.
The retail value of diesel was minimize by Rs 3.10 per litre and petrol by Rs 0.97 between September 1 and October 2, he stated.
Vaidya stated the cracks or distinction between crude oil and product value, have been low, which is a matter of concern.
Petrol and diesel cracks are round USD 2 per barrel as towards USD 7.8 and USD 13.2 a barrel respectively final yr, he stated.
Substantial downward revision and stability within the costs of important petroleum merchandise – petrol, diesel, LPG cooking gasoline and kerosene – within the latest months, have introduced much-needed reduction for the widespread man in addition to the poorer sections of society.
There was no change within the promoting value of LPG for home use since July.
Even within the case of subsidised kerosene being equipped by the general public distribution system (PDS), the cumulative discount in retail value has been substantial.
In Mumbai, the worth has been minimize by Rs 12.73 per litre since February 16.
Within the newest occasion, PDS Kerosene value in Mumbai got here down by Rs 2.19 per litre initially of this month – from Rs 25.84 per litre to Rs 23.65 a litre.