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New Delhi: Petrol and diesel prices in several cities experienced a minor shift on Friday (September 8), following the daily price updates released by oil companies at 6 am.

Termed dynamic fuel pricing, it was introduced in June 2017 in order to increase transparency and limit speculative practices.

The pricing of fuels in India is regulated by the central government and is influenced by factors like excise duty, base prices, and price caps. Excise duty collection is managed by the central government, while Value Added Tax (VAT) collection falls under the purview of individual states. Due to the application of varying VAT rates by each state, fuel prices can diverge accordingly.

Meanwhile, on the international front, the price of crude oil fell for a second session on Friday, weighed down by lingering concerns over slower global demand, but were still headed for a second consecutive weekly gain amid expectations of tightening supplies.

Brent crude futures slid 33 cents, or 0.4%, to $89.59 a barrel by 0050 GMT, while U.S. West Texas Intermediate crude (WTI) futures declined 33 cents, or 0.4%, to $86.54.

Both benchmarks reached 10-month highs earlier this week on fears of potential shortages during the peak winter demand season after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year.

India imports about 85% of its oil needs and so domestic pump rates are dependent on international prices, as denominated by the Indian basket of crude oil.

  • Published On Sep 8, 2023 at 12:56 PM IST

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