Fuel prices remained unchanged on May 30 more than a week after the government announced an excise duty cut on petrol by a record Rs 8 per litre and on diesel by Rs 6 per litre on May 21.
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.
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.
Petrol & Diesel Rates Jun 27, 2022
India meets 80 percent of its oil needs through imports.
Finance minister Nirmala Sitharaman on May 22 said the reduction in central taxes on petrol and diesel has been in road and infrastructure cess that is not shared with states, dismissing opposition's criticism that the move will impact states' share in central revenues.
Sitharaman has also announced that the government would provide a subsidy of Rs 200 per LPG cylinder to over nine crore beneficiaries of the Pradhan Mantri Ujjwala Yojana.
Oil prices rose to two month highs today as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine.
Brent crude futures gained 46 cents, or 0.4%, to $119.89 a barrel at 0111 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.5%, to $115.67 a barrel, extending solid gains from last week.(With inputs from agencies)