On Thursday, gasoline and diesel prices remained unchanged in metropolitan cities for more than a month. On May 21, the Center announced a reduction in excise duty on petrol and diesel by Rs 8 and Rs 6 per litre, respectively. The move marked a reduction in petrol tariffs by Rs 9.5 per liter and diesel by Rs 7 per litre.
In Delhi, a liter of petrol costs Rs 96.72, while the price of diesel is Rs 89.62 per litre.
Petrol is currently retailing at Rs 111.35 per liter in Mumbai, while diesel is priced at Rs 97.28.
Petrol now costs Rs 102.63 in Chennai, while the price of diesel stands at Rs 94.24. In Kolkata, petrol retails at Rs 106.03 and diesel retails at Rs 92.76.
Fuel prices are the highest in Mumbai among the four metropolitan cities. Rates vary from state to state due to Value Added Tax (VAT).
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State-run oil refiners such as Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum revise fuel prices daily, taking into account crude oil prices in international markets and rupee-dollar exchange rates. Any changes to fuel prices are implemented with effect from 6 a.m. daily.
India imports 85% of its crude oil needs and domestic fuel prices are tied to international prices.
Globally, oil prices fell 2% in early trading today, extending losses from the previous day, as investors feared aggressive hikes in US interest rates could trigger a recession and a decline fuel demand.
U.S. West Texas Intermediate (WTI) crude futures fell $2.39, or 2.3%, to $103.80 a barrel. Brent crude futures fell $2.24, or 2%, to $109.50 a barrel.