Petrol and diesel prices held steady on June 22, 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.
Crude oil climbs $1 per barrel on strong demand, tight supply
Petrol & Diesel Rates Jun 27, 2022
Oil rose $1 per barrel on Tuesday on high summer fuel demand while supplies remained tight because of sanctions on Russian oil after its invasion of Ukraine, Reuters reported.
Brent crude rose $1.18 , or 1 percent, to $115.31 a barrel by 11:12 am ET (1512 GMT). The US West Texas Intermediate (WTI) crude contract for July, which expires on Tuesday, rose $1.95, or 1.8 percent, to $111.51. The more active August contract was up $2.00 at $109.99, according to the Reuters.
Both benchmarks posted a weekly loss last week. For WTI it was the first weekly loss in eight weeks, for Brent the first in five, the report added.
"You have some people jumping in here to buy the bottom or what they hope is the bottom of the market," said Robert Yawger, director of energy futures at Mizuho in New York, as per Reuters.
Also Read | Oil prices slide as Joe Biden pushes for US fuel cost cuts
Oil prices skidded in early trade on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on major US firms to help ease the pain for drivers during the country's peak summer demand.
US West Texas Intermediate (WTI) crude futures fell $1.34, or 1.2 percent, to $108.18 a barrel at 0031 GMT, while Brent crude futures dropped $1.33, or 1.2 percent, to $113.32 a barrel.As the United States struggles to tackle soaring gasoline prices and inflation, U.S. President Joe Biden is expected on Wednesday to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters. Biden had disclosed on Monday he was considering whether to call for a pause in the tax.