Fuel prices have 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.
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.
Global oil prices edged up on June 8 ahead of data on U.S. oil inventories, with crude futures supported by tight supplies and recovering fuel demand as China's top cities relax COVID-19 curbs.
Brent crude futures for August rose 22 cents, or 0.2%, to $120.79 a barrel by 0012 GMT after closing at the highest since May 31 on Tuesday.
U.S. West Texas Intermediate crude for July was at $119.65 a barrel, up 24 cents, or 0.2%, after reaching its highest settlement since March 8 on Tuesday.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.