The oil marketing companies posted significant net profit in Q1 and Q2 and are expected positive results in Q3. Following the Q3 FY24 results this month, the company may take a call in this regard.
Puri alleged that the price of petrol in Rajasthan was the highest in the country because of the additional cess imposed by the Congress government in the state.
Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further US interest rate hikes could dent demand.
The last country-wide revision was done on May 21, 2022, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.
The fuel prices are calculated after adding on a number of levies and therefore, they differ from state to state. These levies are Value Added Tax (VAT), freight charges, local taxes, etc.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have temporarily abandoned the daily price revision of petrol, diesel since last year. The last country-wide revision was done on May 21, 2022.
On July 7, in Delhi, the price of petrol is Rs 96.72 per liter, while diesel is being sold at Rs 89.62 per litre. In Mumbai, petrol demands a higher price of Rs 106.31 per liter, with diesel following suit at Rs 94.27 per litre.