Petrol and diesel prices continued to hold steady, the latest price notification by fuel retailers shows. Prices have remained unchanged after the government on May 21 cut excise duty on petrol by a record Rs 8 a litre and diesel by Rs a 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 and diesel costs Rs 89.62.
In Mumbai, a litre of petrol costs Rs 111.35 and diesel Rs 97.28. In Chennai, petrol and diesel are at Rs 102.63 and Rs 94.24 a litre respectively. A litre of petrol is selling at Rs 106.03 and diesel at Rs 92.76 in Kolkata.
Oil marketing companies are passing on the duty cut to consumers despite incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel. India meets 80 percent of its oil needs through imports.
Oil tumbles to month-low
Oil prices tumbled about 6 percent to a four-week low on June 17 on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.
Also pressuring prices, the dollar rose to its highest level during the week since December 2002 against a basket of currencies, making oil more expensive for buyers using other currencies.
Brent futures fell $6.69, or 5.6 percent, to settle at $113.12 a barrel, while US West Texas Intermediate (WTI) crude fell $8.03, or 6.8 percent, to settle at $109.56.
This was the lowest close for Brent since May 20 and the lowest for WTI since May 12. It was also the biggest daily percentage decline for Brent since early May and the biggest for WTI since late March.
For the week, Brent futures declined for the first time in five weeks, while WTI dropped for the first time in eight weeks.
There will be no US trading on Monday, June 20, the Juneteenth holiday.
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