Fuel Prices on June 5: Check petrol, diesel rates in Delhi, Mumbai, and other cities

Fuel prices remain unchanged ever since the government on May 21 announced an excise duty cut on petrol by a record Rs 8 per litre and on diesel by Rs 6 per litre.

The cut translated into a reduction of Rs 9.5 a litre for petrol in Delhi and Rs 7 a litre for diesel. Petrol in Delhi now costs Rs 96.72 a litre as against Rs 105.41 a litre before, while diesel costs Rs 89.62 a litre as opposed to Rs 96.67 earlier.

Also Read | A few things to keep in mind when you service your car

In Mumbai, one litre of petrol costs Rs 111.35 and diesel Rs 97.28. In Chennai, petrol and diesel prices are Rs 102.63 and Rs 94.24 per litre, respectively. In Kolkata, petrol is Rs 106.03, and diesel is Rs 92.76 per litre.

Oil marketing companies are passing on the excise duty cut to consumers despite losing Rs 13.08 a litre on petrol and Rs 24.09 per litre on diesel. India meets 80 percent of its oil needs through imports.

Also Read | Oil edges higher as supply still seen tight after OPEC+ hike

The Central American Bank for Economic Integration (CABEI) announced on Friday that it had approved a credit line of $800 million to buffer local countries from the spike in global fuel prices partially caused by the Russian invasion of Ukraine. In Central American nations, increased fuel prices have pushed up fertiliser rates as well as the cost of staple foods like corn and beans.

"This operation will have a direct economic impact for millions of consumers," CABEI president Dante Mossi said in a statement.

"The subsidies mitigate the impact from the increase in the cost of fuel on consumer products, basic services, transportation and supplies, among others," Mossi added. CABEI indicated that each of the group's eight regional members, both founding and non-founding countries, may receive up to $200 million in financing. The bank, created 61 years ago to finance the development of Central American nations, may also expand the credit line based on external funding, the statement said.

(Inputs from Reuters)