Fuel prices remain stable despite crude oil prices rising

Aurangabad, Jan 19:

Fuel prices in the city have remained stable for almost a month and a half since December 5, despite the crude oil prices rising in the international market. Fuel companies, which have been raising prices immediately after the rise in international crude oil prices, have not raised their prices, despite a hike of around Rs 201 per barrel.

On November 3, the Central government reduced the tax on fuel due to the anger of the common people due to rising fuel prices. However, as the state government has not yet reduced taxes, the citizens have not received much relief like other states. Giving more information, secretary of petroleum dealers association Akhil Abbas said, "The central government has distanced itself from fuel prices, giving oil companies the right to fix rates on a daily basis in line with international crude oil prices. Internationally, when crude oil prices rise, fuel prices are immediately raised by companies, but rates are not reduced whenever the prices fall. In the corona period, fuel prices in many parts of the world were seen to be at negative levels, but in India these rates did not decrease but increased". On the other hand, experts in the field say that fuel prices are stable now that elections and budgets are in full swing in five states.

Prices rise after elections

At present, elections have been declared in five states, including Uttar Pradesh and Punjab. Hence the petroleum companies have not hiked the prices. Experts said that the price may increase after the elections.

Date Per Barrel price Petrol Diesel

December 5, 2021 Rs 6128 Rs 111.28 Rs 94.01

January 19, 2022 Rs 6329 Rs 111.64 Rs 93.46