Petrol and diesel prices held steady on August 29, the latest price notification issued by fuel retailers showed. The prices have stayed unchanged for more than a month.
Petrol in Mumbai is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre respectively. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata respectively.
Oil marketing companies are reportedly incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel. India meets 80 percent of its fuel needs through imports.
The Meghalaya government on August 25 hiked the prices of petrol and diesel.
Oil mixed as OPEC supply cut prospect offsets demand fears
Petrol & Diesel Rates Sep 27, 2022
Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth "for some time".
U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $93.08 a barrel at 0003 GMT, adding to Friday's gain.
Brent crude futures were down 27 cents, or 0.3%, at $100.72 a barrel, trimming gains from the previous session.
In a speech on Friday, Powell said curbing inflation "is likely to require a sustained period of below-trend growth" and would "bring some pain to households and businesses", which rattled equity markets while boosting the dollar.
The dollar index continued to climb on Monday to 109.16, up 0.3% in early trade. A stronger dollar weighs on oil as it makes crude more costly for buyers holding other currencies.