Prices of petrol and diesel have been made market-determined by the Government with effect from 26.06.2010 and 19.10.2014 respectively.  Since then, the Public Sector Oil Marketing Companies (OMCs) are competent to take appropriate decision on pricing of petrol and diesel in line with international product prices and other market conditions. Other cost elements in the Retail Selling Prices (RSP) of petrol & diesel are Excise Duty, VAT, BS IV premium, marketing cost and margins, dealers Commission etc. The OMCs have not only increased but also decreased the prices accordingly. RSP of petrol and diesel in the country are not linked to the international crude oil prices but are linked to the international prices of petrol and diesel.

The prices of Brent crude oil and petrol/diesel in Delhi (as per IOCL) on 23^rd October, 20018 and 7^th December, 2018 are given below:

This information was given by Minister of Petroleum & Natural Gas, Shri Dharmendra Pradhan in a written reply to the Rajya Sabha today.

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