Crude Oil Prices Fall, But India's Fuel Rates Remain Stable

The global crude oil prices have fallen by 0.5%, reaching USD 87.43 per barrel, which has provided relief to Indian oil marketing companies (OMCs). Despite fluctuations in the international market, fuel prices in India remain relatively stable due to measures taken by the Centre and state governments.

State-owned OMCs have issued fresh petrol and diesel prices for August 27. In Delhi, petrol is retailing at Rs 102.12 per litre, while diesel is priced at Rs 95.20 per litre. Similar rates are observed in other major cities across the country.

The stability of fuel prices can be attributed to the reduction of taxes on petrol and diesel after May 2022. These measures have helped limit the impact of changes in international crude oil prices on domestic fuel prices. However, differences in state taxes still cause variations in fuel prices across states.