Petrol, Diesel Prices Remain Unchanged On Wednesday

Domestic petrol and diesel prices are broadly determined by crude oil and forex rates.

Petrol prices remained unchanged in the metros for the ninth consecutive day, on Wednesday, while the diesel prices also saw no changes after the hike on Tuesday. The diesel prices in the capital city of Delhi are at all-time highs, following the rate hike on Tuesday, after a week-long hiatus. State-run oil marketing companies raised the prices of petrol and diesel – which are determined broadly by global crude oil prices and the rupee-dollar foreign exchange rate – on most days starting June 7 following a 12-week pause as global oil rates retraced some of the losses from sharp losses recently. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)

Here are the latest petrol and diesel prices in metros (in rupees per litre):

City Petrol Diesel
Delhi 80.43 80.78
Kolkata 82.10 75.89
Mumbai 87.19 79.05
Chennai 83.63 77.91
                                                               (Source: Indian Oil)

Domestic petrol and diesel prices are broadly determined by crude oil and forex rates, and vary from state to state due to value added tax (VAT). Currently, the prices of petrol is at Rs 80.43 per litre in Delhi and Rs 87.19 per litre in Mumbai. The rates of diesel are at Rs 80.78 per litre and Rs 79.05 per litre in the metros respectively. The price of petrol has remained unchanged in Mumbai since June 29.

In the last one month, diesel price has been increased on 23 occasions while petrol rates have risen 21 times. The cumulative increase since the oil companies started the cycle on June 7, totals Rs 9.17 for petrol and Rs 11.39 in diesel.

Meanwhile, oil prices eased in early trade on Wednesday as industry data showing a build in US crude stockpiles and a forecast for US crude output to fall less than anticipated in 2020 added to worries about oversupply.

Brent crude futures fell 13 cents, or 0.3 percent, to $42.95 a barrel by 0019 GMT. US West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.3 percent, to $40.52 a barrel.

On June 7, state-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum – which account for the majority of petrol and diesel outlets in the country – restarted the normal system of daily price reviews in line with costs following an 82-day hiatus.

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