Petrol and diesel prices held steady on June 24, as per 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.
Also Read: Oil prices rise on tight supply, inventory uncertainty
Global crude oil prices rose slightly in early Asian trade on Friday as nations seek to address global crude oil and fuel supply tightness.
Brent crude futures rose 39 cents, or 0.4 per cent, to $110.44 a barrel at 0012 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.4 per cent, to $104.31 a barrel.
OPEC and allied producing countries including Russia will likely stick to a plan for accelerated output increases in August in hopes of easing crude prices and inflation as U.S. President Joe Biden plans to visit Saudi Arabia, sources said.
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