Finance minister, Nirmala Sitaraman, announced an excise cut three weeks prior. On May 21st, 2022, the centre decided to cut the excise duty on petrol and diesel which resulted in a drop of Rs 8 per litre and Rs 6 per litre respectively. Following the statement, several states announced another cut in the VAT prices, which was another relief on the price of crude oil. Since that day, prices have not yet changed, while the international market is soaring with the highest prices of crude oil in around 13 weeks.
With a price of $ 121 barrel, crude oil prices still remain at their highest peak in the past 10 years. Though the retail price of petrol and diesel remains unchanged. Different states and cities have started retailing oil at a local rate differing from one state to other. The PPAC (Petroleum Planning and Analysis Cell) shared the state-wise prices of petrol and diesel.
Read More: Here is the solution to curb the price hike in fuel prices.
Coming to the prices of petrol and diesel in different states, The retailing price of petrol and diesel in Delhi is Rs 96.72 and Rs 89.62. While the rates in Mumbai remain around Rs 111.35 and Rs 97.28 per litre. After the excise duty cut the prices in Kolkata are Rs 106.03 for petrol and Rs 92.76 for diesel. Local companies like BPCL, HPCL, IndianOil etc., are moderating their fuel prices in different states.
Apart from this, Crypto is another community-driven topic from the past week. However, Ethereum (ETH) and Stellar (XLM) were considered the best cryptocurrencies, and the numbers are showing a rise in other cryptocurrencies. FirePin Token (FRPN) is expected to become the next king of the international market. It is yet to see how crypto affects the price of crude oil internationally.
