Petrol, diesel prices in India unchanged despite drop in crude prices, while oil bill surged by 76%

Petrol, diesel prices in India unchanged despite drop in crude prices, while oil bill surged by 76%

The Indian Oil Corporation managed to cut its losses to Rs 272 crore, thanks to financial support approved by the government.

FPJ Web DeskUpdated: Monday, October 31, 2022, 12:23 PM IST
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India is set to hold trade talks with GCC nations next month. | Photo Credit: PTI

One of India’s top three state-owned oil firms Indian Oil has reported a lower net loss in the third quarter at Rs 272 crore, after the government approved a compensation package for the corporations. Global crude prices have also fallen due to lower output and reduced demand from China amid covid restrictions. But none of this has changed the prices of petrol and diesel in India, which are stagnant across major cities.

National capital reels from pollution but fuel remains cheap

Delhi had the cheapest fuel as always with Rs 96.72 for petrol and Rs 89.62 for diesel, even as the national capital grapples with severe air pollution.

Financial capital Mumbai is selling petrol at Rs 106.31 per litre and diesel at Rs 94.27 per litre, which is the highest in the country.

Kolkata on the other hand has petrol for Rs 106.03 for a litre, and diesel is available for Rs 92.76 per litre.

Petrol and Diesel in Chennai remained at Rs 102.63 per litre and Rs 94.24 per litre respectively.

Paying more despite discounts?

Although India has been buying oil at discounted rates from Russia and Iraq despite restrictions for curbing its inflation, the bill for crude has surged by 76 per cent for the April to September period. The massive rise in the amount paid has been recorded even though the quantity of oil imported only went up by 15 per cent. On the other hand India is gearing up for trade talks with GCC countries including Saudi Arabia, UAE and Kuwait, as OPEC+ continues to affect oil prices by cutting supply.

Anti-pollution measures for motorists

In other news for motorists, Delhi government is trying to get approval for an anti-pollution campaign, where people are required to turn off engines the moment they stop at a red light, and start vehicles only when it turns green.

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