Fuel prices on June 26: Check fuel rates in Mumbai, Chennai, other cities

In Delhi, the price of petrol stood at Rs 96.72 a litre and diesel was at Rs 89.62 a litre.

Petrol and diesel prices on Monday, June 26, largely remained unchanged across New Delhi, Kolkata, Mumbai, Gurugram, and Chennai. In Delhi, the price of petrol stood at Rs 96.72 a litre and diesel was at Rs 89.62 a litre. The petrol price in Mumbai was Rs 106.31 per litre and diesel at Rs 94.27 a litre.

In Bengaluru, the petrol price stood at Rs 101.94 a litre while diesel was at Rs 87.89 per litre. In Chennai, petrol was selling at Rs 102.63 per litre, while diesel was at Rs 94.24 per litre. In Kolkata, the per-litre petrol price was Rs 106.03 per litre, while diesel was at Rs 92.76.

On June 8, Moneycontrol reported that the government expects oil marketing companies (OMCs) to cut fuel prices after the fuel giants reported profits in the fourth quarter of the financial year 2022-23, a senior petroleum ministry official has said.

Crude prices have declined in the last few months amid inflation and recession worries and have hovered around $75 a barrel. Crude prices touched an all-time high of $140 per barrel in March 2022.

Despite the decline, OMCs have not revised petrol and diesel prices to recoup losses incurred in the first half of FY23.

In an interview with Moneycontrol, on June 26, Ashima Goyal, a member of the Reserve Bank of India's (RBI) rate-setting panel said that she sees the possibility of some cooling effect from lower fuel prices.

"Since the OMCs (oil marketing companies) have recovered earlier losses they should be cutting prices," she said.

Analysts too expect OMCs to benefit from an improving marketing situation and healthy refining profitability in the current financial year. They anticipate better marketing margins for OMCs amid range-bound crude oil prices due to global recessionary pressure and high interest rates.

In India, OMCs such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum determine petrol and diesel prices. This is done on a daily basis, and rates are determined in accordance with the price of crude oil throughout the world.