State-run oil marketing companies kept petrol and diesel prices on hold on Saturday, marking the twelfth day in a row of no change. The price of petrol stood at Rs 80.43 per litre in Delhi and Rs 87.19 per litre in Mumbai, and that of diesel was at Rs 80.78 per litre and Rs 79.05 per litre respectively, according to notifications from Indian Oil Corporation, the country’s largest fuel retailer. In a rare occurrence, the price of diesel remains slightly higher than diesel in the national capital. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City).
Here are the current prices of petrol and diesel in rupees per litre in the four metros:
|(Source: Indian Oil)|
In other metros, petrol continues to be more expensive than petrol. On June 7, Indian Oil, Hindustan Petroleum and Bharat Petroleum – which account for the majority of fuel stations in the country – returned to the normal practice of daily price reviews following a hiatus of nearly seven weeks.
Domestic petrol and diesel prices vary from state to state due to value added tax (VAT). Oil companies review the rates on a daily basis, based on changes in international crude oil rates and the rupee-dollar foreign exchange rate, and implement any changes with effect from 6 am.
Crude oil rates jumped on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the US tempered expectations for a fast recovery in fuel consumption. Brent crude futures – the global benchmark for crude oil – closed 2 per cent higher at $43.24 per barrel.
Global oil rates have regained some ground from March lows as the easing of restrictions on transport and industrial activity to curb the spread of the coronavirus pandemic boosted fuel demand around the globe. Brent crude futures had hit a 21-year low of $15.98 per barrel in April.
Earlier on Friday, the rupee closed at 75.20 against the dollar, registering a weekly loss of 56 paise or 0.75 per cent.