Petrol and diesel prices have held steady so far, according to a price notification by fuel retailers. Fuel prices have remained unchanged ever since the government on May 21 announced an excise duty cut on petrol by a record Rs 8 per litre and on diesel by Rs 6 per litre.
The cut translated into a reduction of Rs 9.5 a litre for petrol in Delhi and Rs 7 a litre for diesel. Petrol in Delhi now costs Rs 96.72 a litre as against Rs 105.41 a litre before, while diesel costs Rs 89.62 a litre as opposed to Rs 96.67 earlier.
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In Mumbai, one litre of petrol costs R s 111.35 and diesel Rs 97.28. In Chennai, petrol and diesel prices are Rs 102.63 and Rs 94.24 per litre, respectively. In Kolkata, petrol is Rs 106.03, and diesel is Rs 92.76 per litre.
Oil marketing companies are passing on the excise duty cut to consumers despite incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel. India meets 80 percent of its oil needs through imports.
Oil rebounds as new Iran sanctions fuel more supply concerns
Oil prices rebounded from earlier losses after the United States announced new sanctions on Iran, and as supply concerns remain at the forefront for energy markets that have seen prices soar throughout the year. The market had been lower earlier as interest rate hikes in the United States, Britain and Switzerland fed concerns about a slowdown in global economic growth, the Reuters reported.
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Brent crude futures were down 45 cents, or 0.4%, to $118.07 as of 12:21 p.m. EDT (1621 GMT) while West Texas Intermediate (WTI) crude futures rose 27 cents to $115.55 a barrel. Analysts said the decision by the United States to impose sanctions on Chinese, Emirati and Iranian firms that help export Iran’s petrochemicals boosted buying, as it underscores the difficulty of a revival of the 2015 U.S.-Iran nuclear accord, the report added.
