Petrol Price Cut: Are you paying less than global Indian crude basket price?

With a Re 1 for petrol and Rs 2 cut for diesel on August 15, 2016, Oil Marketing Companies (OMCs) in India have brought down petrol prices four times in the past two months.

While crude oil prices globally have seen some softening over a similar time frame, they shot up nearly 10% last week to hover around $45 per barrel.

However, Indian consumers, despite the decontrol, have been paying a higher price for petrol and diesel as the Government has raised excise duty on oil to nearly Rs 20 to a litre in many instalments over the past year and a half.