Petrol and diesel prices will remain steady on July 2, the latest price notification issued by fuel retailers shows, with prices staying unchanged for more than a month after the government on May 21 cut the excise duty on petrol by Rs 8 a litre and on diesel Rs 6 a litre.
The duty cut brought down the petrol price in Delhi by Rs 9.5 and Rs 7 for diesel. Petrol in Delhi costs Rs 96.72 and diesel Rs 89.62 a litre.
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In Mumbai, petrol is selling at Rs 111.35 and diesel at Rs 97.28. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai, while in Kolkata, petrol is at Rs 106.03 and diesel at Rs 92.76.
Oil marketing companies are incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel even as they pass on the excise duty cut to consumers in the country. India meets 80 percent of its fuel needs through imports.
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Globally, oil prices gained more than two percent on July 1 as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.
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Benchmark Brent crude futures settled at $111.63 a barrel, rising $2.60, or 2.4 percent. West Texas Intermediate crude (WTI) settled at $108.43 a barrel, gaining $2.67, or 2.5 percent.
WTI and Brent traded at about 70 percent and 77 percent, respectively, of the previous session’s volumes ahead of the Fourth of July holiday in the US.
For the week, Brent lost 1.3 percent, while WTI rose 0.8 percent. For June, both benchmarks had ended the month lower for the first time since November.
(With agency inputs)
