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    No revision in petrol, diesel prices for 16th straight day

    No revision in petrol, diesel prices for 16th straight day

    No revision in petrol, diesel prices for 16th straight day
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    By CNBCTV18.com  IST (Published)

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    Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

    Petrol and diesel prices remained unchanged across the four metros for 16th consecutive day on Tuesday.
    Accordingly, the price of petrol and diesel was static at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price was unchanged at Rs 107.26 per litre on Saturday. The cost of diesel was stable at Rs 96.19 a litre.
    The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil Corporation Limited (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) on a daily basis and any revision is implemented from 6 am in the morning.
    Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
    Retail prices of petrol and diesel were last increased on July 17 and July 15 respectively.
    Meanwhile, Goods and Services Tax (GST) Council has decided not to bring petrol and diesel under the ambit of GST as it believes it is not the right time, Union Finance Minister Nirmala Sitharaman had announced on Friday.
    “GST Council members made it clear they do not want petroleum products to be included under GST. It was decided, we will report to Kerala High Court that the matter has been discussed and Council felt it was not the time to bring petroleum products under GST,” the Finance Minister said while addressing the media after the 45th GST Council meeting held in Lucknow.
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