Petrol and diesel prices remained unchanged on Thursday, 4 May across New Delhi, Kolkata, Mumbai, and Bengaluru. The fuel prices have been steady over the last eleven months.
At present, petrol in Delhi is being sold at Rs 96.72 a litre while diesel is being sold at Rs 89.62 a litre. Whereas in Mumbai, petrol is available at Rs 106.31 and diesel at Rs 94.27 per litre. While petrol in Kolkata is Rs 106.03 and diesel is Rs 92.76 per litre. On the other hand, petrol is being sold at Rs 102.63 and diesel at Rs 94.24 per litre in Chennai.
However, in states like Maharashtra and West Bengal, fuel prices showed a decline. Petrol has become cheaper by 41 paise and diesel by 39 paise in Maharashtra. In Punjab too, petrol has become cheaper by 26 paise and diesel by 25 paise. There is a drop of 25 paise in the price of petrol and diesel in Uttar Pradesh. Petrol has become cheaper by 44 paise and diesel by 41 paise in West Bengal.
Except for individual cases, petrol and diesel rates across the country have been steady since May 21 last year, when the previous pan-India revision was announced. However, many cities saw petrol prices above Rs 100 mark.
In India, oil marketing companies (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.
Meanwhile, global crude prices fell over 1% on Thursday, deepening steep losses in recent days, after the U.S. Federal Reserve increased interest rates and investors worried about a weakening global economy that could dent energy demand.
Brent futures fell 76 cents, or 1.1%, to $71.57 a barrel by 0002 GMT. The global benchmark on Wednesday posted its lowest settle since December 2021.
U.S. West Texas Intermediate crude (WTI) fell $1, or 1.5%, to $67.60 a barrel. WTI in early trading on Thursday fell to a session low of $63.64 a barrel, the lowest since December 2021.
Both Brent and WTI have fallen over 10% since the start of this week.
(Inputs from News18 and Reuters)
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