Petrol and diesel prices have held steady so far, the latest price notification issued by fuel retailers shows.
On Tuesday, oil surged $2 per barrel on high summer gasoline demand, while supplies remain tight due to Russian oil restrictions imposed after the country's invasion of Ukraine.
On Monday, the rupee gained 7 paise versus the US dollar, settling at 77.98 (provisional) against the greenback as crude oil prices fell from their highs. However, forex dealers said that unabated foreign fund outflows limited the rupee's appreciation bias.
In the face of a sluggish trend in domestic stocks and ongoing foreign capital outflows, the rupee erased earlier gains to settle just 1 paisa higher at 78.09 (provisional) against the US dollar on Friday.
Brent crude futures for August were down 50 cents, or 0.4%, at $120.67 a barrel as of 1357 GMT, having fallen as low as $119.40 per barrel earlier in the session.
On Wednesday, the rupee fell 18 paise to 78.22 against the US dollar, a fresh all-time low, as a lacklustre trend in domestic equities and continued foreign money outflows impacted on market morale.
Oil prices dipped on Wednesday, owing to concerns about fuel demand and global economic growth ahead of the US Federal Reserve's scheduled rate hike.
Indian refiners bought more than 16 per cent of Russian oil imports from Russia in May, which was about 25 million barrels of oil, reported PTI.
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.
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 edged higher on Friday, supported by expectations that OPEC's decision to increase production targets by slightly more than planned won't much affect tight global supply and by rising demand as China eases COVID restrictions.
Brent futures for July were down 18 cents, or 0.2%, to $112.22 a barrel by 1235 GMT, while U.S. West Texas Intermediate (WTI) crude for June fell 2 cents to $112.19 on its last day as the front-month.
Brent crude rose $1.34, or 1.2%, at $112.89 a barrel at 12:10 p.m. EDT (1710 EDT) 1342 GMT, while U.S. West Texas Intermediate (WTI) crude rose $2.22, or less than 0.1%, to $$112.71 a barrel.
Fuel prices were last hiked on April 6 by 80 paise a litre each. Rates of petrol and diesel have increased by Rs 10 per litre each via 14 revisions.
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.
While Iraq made a substantial boost, countries such as Libya and Nigeria saw their production fall amid operational disruptions and diminished investment, according to a Bloomberg survey
Brent crude futures rose 25 cents, or 0.2%, or $107.83 a barrel at 0234 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 17 cents, or 0.2%, to $105.34 a barrel.
Crude is rallying with demand concerns perceived to be short-term while supply concerns are persistent, said Rebecca Babin, senior energy trader at CIBC Private Wealth Management
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.
Brent crude futures fell by 4 cents to $104.95 a barrel as of 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude futures dropped 25 cents to $101.45.
Brent crude futures were up $1.26 cents, or 1.2%, at $103.58 a barrel by 1355 GMT. U.S. West Texas Intermediate contracts were up $1.14 cents, or 1.2%, at $99.68.