Petrol and diesel prices have held steady so far, the latest price notification issued by fuel retailers shows. Prices have remained unchanged ever since the government on May 21 cut the excise duty on petrol by Rs 8 a litre and on diesel by Rs 6 a litre.
The duty cut brought down the petrol price in Delhi by Rs 9.5 a litre and Rs 7 a litre for diesel. Petrol in Delhi costs Rs 96.72 and diesel Rs 89.62.
In Mumbai, petrol is selling at Rs 111.35 and diesel at Rs 97.28. Petrol and diesel prices are Rs 102.63 and Rs 94.24 per 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 as they pass on the excise duty cut to consumers in India, which meets 80 percent of its fuel needs through imports.
Also Read | Oil wobbly after near 6% slump on economic concerns
Oil prices wobbled early on June 20 as investors refocused on tight supplies, though sentiment was still fragile after 6 percent slump in the previous session amid concerns about slowing global economic growth and fuel demand.
Brent crude futures gained 20 cents, or 0.2 percent, to $113.32 a barrel by 0105 GMT, after rising as much as 1 percent earlier. Front-month prices tumbled 7.3 percent last week, its first weekly fall in five.
Also Read | Selling diesel at Rs 20-25/litre loss, petrol at Rs 14-18/litre below cost: Private retailers
Selling diesel at Rs 20-25 a litre below cost and petrol at Rs 14-18 per litre below cost, as a result of a price freeze despite soaring crude rates is unsustainable, an industry body representing private fuel retailers like Jio-bp and Nayara Energy has told the Oil Ministry and has sought its intervention to create a viable investment environment.
Russian missiles destroy fuel depot in east Ukraine, killing one -official
A fuel storage depot in the eastern Ukrainian town of Novomoskovsk exploded on June 19, killing one and injuring two, after earlier being hit with three Russian missiles, the head of the regional administration said in an online message.
Eleven people were injured in the strike itself, Valentyn Reznichenko had said on June 18. Fire-fighters were still trying to put out a fire from the missile strike, some 14 hours after the depot was hit, Reznichenko said early on June 20.
Novomoskovsk lies just to the northeast of Dnipro, the regional capital.
(With inputs from Reuters)
