Retail petrol and diesel rates across several cities stayed largely unchanged despite fluctuations in global oil prices and changes to export duties.
Petrol and diesel prices across major Indian cities remained largely stable on Wednesday, 4 November, according to a report by Mint.
The stability comes after the Central government revised the additional excise duty structure, which took effect on 31 October. Under the new notification from the Finance Ministry, the export duty on petrol was reduced to ₹0 per litre from ₹2.50 per litre.
While the petrol export duty was eliminated, the export levy on diesel was increased from ₹8.50 per litre to ₹11.50 per litre.
Retail price variations across different states and cities are attributed to freight charges, local taxes such as Value Added Tax (VAT), and other localised factors.
Global oil prices fluctuated on Tuesday following a two-day decline. West Texas Intermediate (WTI) traded near $97 a barrel, while Brent closed below $104.
