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Somatirtha Purohit

The prices of petrol and diesel continue to be on the higher side, but there has been no major changes in the rates of the fuel for nearly two months now.

The fuel rates in Odisha have also been steady.

Customers are reportedly paying Rs 103.19 per litre of petrol in the State Capital while diesel is being sold at Rs 94.76 a litre. In Cuttack, customers are paying Rs 103.67 and Rs 95.22 per litre of petrol and diesel respectively.

As per a fuel rate chart, petrol is being sold at Rs 108.92 in Malkangiri. In Ganjam, petrol costs Rs 104.66 and in Sambalpur, the petroleum product is priced at Rs 103.85.

Similarly, it is being sold at Rs 103.61 in Bhadrak and Rs 107.79 in Koraput.

India imposed windfall taxes on July 1, joining a growing number of nations that taxes super normal profits of energy companies. But international oil prices have cooled since then, eroding profit margins at both oil producers and refiners.

While international crude prices slumped on concerns of a potential global recession, cracks or margins on diesel, petrol and ATF crashed.

The July 1, export duties of Rs 6 per litre on petrol and ATF translated into USD 12 per barrel, while Rs 13 a litre tax on diesel was equivalent to USD 26 a barrel. The Rs 23,250 per tonne windfall tax on domestic crude production equalled USD 40 per barrel.

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