Price of petrol and diesel on November 15

15 Nov 2022 , 08:57 AM

The most recent price notification sent out by fuel retailers showed that the price of gasoline and diesel remained stable in metro areas on November 15. In Delhi, a liter of gasoline or diesel costs Rs 96.72 or Rs 89.62. In Mumbai, a liter of gasoline costs Rs 106.31, and a liter of diesel costs Rs 94.27. In Chennai and Kolkata, the prices for gasoline and diesel, respectively, are Rs 102.63 and Rs 94.24 and Rs 106.03, and Rs 92.76.

As fuel prices hit an all-time high, with increases virtually every other day until May, the government lowered the levy on gasoline and diesel to provide relief to customers. The reduction in excise duty resulted in a 9.5 rupee and 7 rupees per liter price drop for gasoline and diesel, respectively.

As the cartel reduces production to maintain market equilibrium, OPEC has also lowered its predictions for world oil consumption. The Organization of Petroleum Exporting Countries reduced its projections for the amount of oil it will need to produce this quarter by 520,000 barrels per day, following a similar-sized downgrade a month ago, due to a weaker economic background and China's tough anti-Covid policies.

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