India's Fuel Rates Remain Steady Amid Global Oil Price Decline

Despite global oil prices heading for a weekly loss, fuel rates in India remained unchanged on August 28. The Indian government has been shielding domestic consumers from global price volatility by keeping fuel prices steady.

The last major price revision in India was on May 25, and since then, the dynamic fuel price method has been used to revise fuel rates daily at 6:00 AM. In New Delhi, petrol costs ₹102.12 per litre and diesel costs ₹95.20 per litre.

According to Reuters, Brent crude oil prices have plunged 0.3% and are down by 25 cents to trade around $89.45 a barrel. West Texas Intermediate crude futures also fell 0.3% and were down by 22 cents to trade around $83.31.