Petrol and diesel prices held steady on June 27, according to the latest price notification issued by fuel retailers. Prices have remained unchanged for over a month, 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.
Sri Lanka struggling to secure fresh fuel supplies - Minister
Petrol & Diesel Rates Aug 06, 2022
Sri Lanka is struggling to secure fresh fuel supplies, a top government minister said on Sunday, as the crisis-hit country of 22 million people is down to just 15,000 tonnes of petrol and diesel to keep essential services running in the coming days.
The island is wilting under its worst financial crisis in seven decades with foreign exchange reserves at record lows leaving it scrambling to pay for essential imports, including fuel, food and medicine.
"We are struggling to find suppliers. They are reluctant to accept letters of credit from our banks. There are over $700 million in overdue payments so now suppliers want advance payments," Power and Energy Minister Kanchana Wijesekera told Reuters.
The stock markets will be driven by global trends, crude oil movement and foreign institutional investments this week, analysts said, adding that the benchmark indices may also face volatility amid the scheduled monthly derivatives expiry. The movement in the rupee and the progress of monsoon would also be watched by investors, they said.
"The Indian market managed to recover from its lower levels after two weeks of sharp cuts, thanks to a recovery in global markets and a cut in commodity prices. It seems that this recovery may see a further extension and we can expect a decent rally in the coming days in equity markets," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
"Apart from F&O expiry, monthly auto sales numbers and monsoon development will be important triggers," Meena said.Crude oil, rupee movement and FIIs' behaviour will be other important factors to watch out for. "Apart from F&O expiry, monthly auto sales numbers and monsoon development will be important triggers," Meena said. Crude oil, rupee movement and FIIs' behaviour will be other important factors, he added.