Prices of fuel on August 19

19 Aug 2022 , 10:13 AM

The most recent price notification from fuel dealers indicated that the price of gasoline and diesel remained stable on August 19. For more than a month, the costs have not altered.

Mumbai charges Rs106.31 for a liter of gasoline and Rs94.27 for a liter of diesel. Delhi charges Rs96.72 and Rs89.62 a liter for gasoline and diesel, respectively. In Chennai, the cost of gasoline and diesel is Rs102.63 and Rs94.24; in Kolkata, it is Rs106.03 and Rs92.76.

According to reports, oil marketing corporations lose 13.08 and 24.09 rupees per liter of gasoline and diesel, respectively. 80 percent of India’s gasoline requirements are imported. The cess on crude oil was decreased by the Government of India on August 18 to Rs 13,000/tonne from Rs 17,750/tonne in its third fortnightly review of the windfall gains tax.

In accordance with a circular released by the Centre, the export duty on aviation turbine fuel (ATF) was increased by two rupees, from zero to two rupees per liter, while the export duty on diesel was increased by two rupees, from five to seven per liter.

The modifications will take effect on August 19, 2022. The administration abolished the export taxes on gasoline and aviation turbine fuel (ATF) in the previous review meetings. After a larger-than-expected decline in U.S. crude supplies, oil prices increased in early trade on Friday, extending a rise into a third day while investors discounted concerns about a downturn in the global economy.

After closing 3.1% higher on Thursday, Brent crude futures increased 7 cents, or 0.1%, to $96.66 a barrel by 0030 GMT. U.S. West Texas Intermediate crude was up 15 cents, or 0.2%, to $90.65 a barrel after rising by 2.7% the previous session. However, the benchmark contracts were still projected to lose 1.5% or more per week.