Petrol and diesel prices are constantly stable. Let us tell you that in the month of August, crude oil, which has fallen to a record level, is seeing an uptrend for the last few days. Today i.e. on Saturday, once again there has been a tremendous increase in the rate of crude, although the government oil companies gave relief to the common man by keeping the price of petrol and diesel in the domestic market at the old level. Let us tell you that the decision to cut production was taken by OPEC countries to prevent the record fall in crude. Yes and the effect of this decision was seen in the international market.
Let us tell you that for the last five and a half months in the domestic market, the rate of petrol-diesel has remained at the old level. Today i.e. Saturday morning, WTI crude climbed to $ 88.96 per barrel and Brent crude to $ 95.99 per barrel. With this, the price of oil was last changed on 22 May. In fact, this is the first time when the prices of petrol and diesel have remained stable for more than five months. On May 22, the excise duty was reduced by the government and due to this petrol and diesel became cheaper across the country.
At the same time, after this VAT on oil was reduced in Maharashtra, due to which the price came down. Let us also tell you that oil companies Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) issue oil rates daily at 6 am on the basis of crude prices. Yes and if there is any change in the price of petrol or diesel, it is implemented at the same time. Not only this, the rate of petrol and diesel does not remain the same in the states because of the different rates of VAT in different states.
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