Moneycontrol PRO

Fuel Prices on June 21: Check petrol, diesel rates in Delhi, Mumbai, and other cities

Petrol and diesel prices have held steady so far, the latest price notification issued by fuel retailers shows.

June 21, 2022 / 07:49 AM IST

Petrol and diesel prices held steady on June 21, as per the latest price notification issued by fuel retailers. 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.

Oil prices fall as recession fears trump tight supply

Close

Petrol & Diesel Rates Jun 27, 2022

Monday, 27th June, 2022

Petrol Rate in Mumbai Jun 27, 2022

  • Current Petrol Price Per Litre
    111

Monday, 27th June, 2022

Diesel Rate in Mumbai Jun 27, 2022

  • Current Petrol Price Per Litre
    97
Show

Oil prices fell on Monday, continuing last week's losses as concerns about slowing global economic growth overshadowed tight supply. Brent crude futures were down 50 cents, or 0.44%, at $112.62 a barrel by 1429 GMT. Front-month prices tumbled 7.3% last week for their first weekly fall in five, the Reuters reported.

U.S. West Texas Intermediate crude was down 68 cents, or 0.62%, at $108.88. Front-month prices dropped 9.2% last week for the first decline in eight weeks. "Friday's steep price fall can be seen as a delayed reaction to the concerns about recession that have already been weighing on the prices of other commodities for some time," said Commerzbank analyst Carsten Fritsch, the report added.

Analysts and investors said they believe a recession is more likely after the U.S. Federal Reserve approved on Wednesday the largest interest rate increase in more than a quarter of a century in an effort to contain a surge in inflation. Similar tightening approaches by the Bank of England and Swiss National Bank last week ensued. Brent crude futures on Monday touched their lowest in a month, but some analysts expect the slump to be short-lived, the report said.

Oil prices inch lower as global economic worries outweigh tightening supply

Oil prices edged lower on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand outweighed worries about tightening supplies. Brent crude futures slipped 3 cents to $113.09 a barrel by 0515 GMT, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, their first weekly fall in five, the Reuters reported.

U.S. West Texas Intermediate crude was at $109.42 a barrel, down 14 cents, or 0.1%, after rising more than $1 earlier. Front-month prices dropped 9.2% last week, the first decline in eight weeks. "Clearly macro factors are driving oil at the moment, rather than fundamentals, which are still supportive," said Warren Patterson, ING's head of commodities research, the report added.

CMC markets analyst Tina Teng said lower oil prices were due to "broad recession fears after the (U.S.) Fed outsized its rate hike to 75 basis points, which was followed by similar tightening approaches by the Bank of England and the Swiss National Bank last week." Oil from Russia, the world's second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow's invasion of Ukraine, actions that Russia calls a "special operation," Reuters reported.

(With Inputs from Reuters)

 
Moneycontrol News
first published: Jun 21, 2022 07:49 am
Sections
ISO 27001 - BSI Assurance Mark