Will October usher in softer auto fuel prices?

Petrol price of 95 goes up, while 93 dips

POL prices to remain unchanged for October

According to the AA, over 60% of the cost of a litre of petrol is now made up of taxation, with over 55% of the cost of a litre of diesel consisting of tax.

In Delhi, the petrol price was hiked to Rs 74.61 per litre - an increase of 19 paise. Besides the 17% GST, the petroleum levy ranging from Rs14 to Rs18 per litre is being charged on petrol and diesel and Rs3-6 per litre on kerosene and light diesel oil.

The existing prices of September will remain unchanged for the next month.

Brent prices, which were at $60 per barrel on Friday, September 13, before the bombing, rose to $68 by Monday, and touched $71 per barrel for a very short time.

The price of super gasoline (95) was set at QR 1.85 per litre during October, this was up from 1.8 percent in September, an increase of 2.8 percent.

Earlier, on Aug 31, the federal government had reduced the price of petrol by Rs4.59 per litre. Diesel prices have increased by - 16 paisa in Delhi, 10 paisa in Kolkata, 12 paisa in Mumbai and 11 paisa in Chennai.

Brent crude price in the worldwide market stood at $59.70 per barrel on September 30, 2019, down from $60.14 per barrel on August 31 and $64 per barrel at the end of July.

"Oil prices fell sharply at the end of a year ago and Irish fuel prices dropped as well", said Conor Faughnan, Director of Consumer Affairs at AA Ireland. Other factors like rupee to United States dollar exchange rate, cost of crude oil, global cues and demand also impact the price of fuel.

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