Petrol and diesel prices held steady on June 29, 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.
Petrol & Diesel Rates Today
In the midst of the ongoing fuel crisis, the Sri Lankan Cabinet has approved a plan to liberalise the fuel imports and marketing operations, Energy Minister Kanchana Wijesekera said on June 28.
Sri Lanka’s unprecedented economic crisis caused by forex shortages has led to a severe crisis in the energy sector. Fuel shortages have seen long queues at retailers and with the end of the credit line worth USD 700 million granted by India, the pumps have run dry.
The Sri Lankan government is now exploring options to purchase discounted oil from Russia, as the island nation desperately looks to replenish its dwindling fuel stocks amid an unprecedented economic crisis due to a crippling shortage of foreign exchange reserves.
"Cabinet approval was granted to open up the fuel import and retail sales market to companies from oil-producing nations," Wijesekera tweeted on June 28.
Higher fuel prices spark social unrest in South America
Police in Argentina blocked a major entry point to the capitals center on Tuesday to keep a group of truckers from joining a downtown protest, adding traffic snarls in Buenos Aires to a series of disruptions caused by anger over rising prices and shortages of fuel across South America, largely as a result of Russias war in Ukraine, as per a report by AP.Cars were backed up for several kilometers (miles) until truckers agreed to open up a lane to regular traffic as they moved to take a protest over diesel shortages and prices that has been going on for weeks to Argentina's capital, the report added.