No change in the price of petrol and diesel for almost 9 months, slight increase in Brent crude

There was no change in the prices of petrol and diesel on Monday as well. The prices have remained stable for almost nine months. Petrol is being sold at Rs 106.31 per litre in Mumbai, while diesel costs Rs 94.27 in the city. Petrol in Delhi costs Rs 96.72, while diesel is being sold at Rs 89.62 per litre. There is a slight edge in Brent crude.
The last time petrol-diesel prices were changed was in May 2022. Then the excise duty on petrol was reduced by Rs 8 and on diesel by Rs 6 per litre. Due to this, the prices of petrol and diesel were reduced by Rs 9.5 and Rs 7 respectively. In July 2022, the Maharashtra government cut VAT on petrol and diesel by Rs 5 and Rs 3 per litre.
Till June 2010, the government fixed the price of petrol and it was changed every 15 days. After June 26, 2010, the government left the determination of petrol prices to the oil companies. Similarly, till October 2014, the government used to fix the price of diesel, but from October 19, 2014, the government handed over this work to the oil companies.
In June 2017, the Indian government started the daily price revision mechanism for petrol and diesel. Since then, every day at 6 am, government oil companies Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited change fuel prices according to foreign exchange rates and international benchmark prices.
State governments impose their own Value Added Tax (VAT) on fuel prices, hence the prices of petrol and diesel vary from state to state. At the same time, there has been a slight increase in Brent crude. It has reached $ 75.32 per barrel with an increase of 0.4% in the international market. While US crude WTI is up 0.6% at $69.65 per barrel. Last week, Brent crude had increased by 2.8% while WTI crude had increased by 3.8%.
The price of a 14.2 kg domestic LPG cylinder has increased by Rs 50. Its price in Delhi has gone up to Rs.1103. Earlier on July 6, 2022, the prices were changed. Even then the prices were increased by Rs 50. At the same time, the price of a 19 kg commercial cylinder has been increased by Rs 350.50. It is now available for Rs 2119.50 in Delhi.