On Monday (27 June), OMCs held prices steady, therefore the price of petrol and diesel remained unchanged. Since Finance Minister Nirmala Sitharaman announced a reduction in excise duty on petrol by 8 per litre and on diesel by 6 per litre from May 21, 2022, prices have stayed stable for more than a month.
Following the reduction in excise duty, the price of petrol in Delhi is now Rs 96.72 per liter, down from Rs 105.41 per liter, while the cost of diesel is now Rs 89.62 per liter, down from Rs 96.67. In Mumbai, a liter of petroleum costs Rs 111.35, while a liter of diesel is sold for Rs 97.28.
The petrol prices are adjusted daily in line with benchmark international pricing and foreign exchange rates by public sector OMCs such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL). Every day at 6 AM, any changes to the price of petrol and diesel take effect. Due to local taxes like the VAT or freight charges, retail prices for petrol and diesel vary from state to state. Several state governments reduced the VAT on petrol and diesel after the central government's move to reduce excise duty.
As they pass on the lower excise duty to Indian consumers, who import 80% of their fuel, oil marketing companies suffer a loss of Rs 13.08 per liter for petrol and Rs 24.09 for diesel.
Petrol, Diesel Prices:
Mumbai: Petrol price: Rs 111.35 per liter, Diesel price: 97.28 per liter
Delhi: Petrol price: Rs 96.72 per liter, Diesel price: Rs 89.62 per liter
Chennai: Petrol price: Rs 102.63 per liter, Diesel price: Rs 94.24 per liter
Kolkata: Petrol price: Rs 106.03 per liter, Diesel price: Rs 92.76 per liter
Bengaluru: Petrol: Rs 101.94 per liter, Diesel: Rs 87.89 per liter
Lucknow: Petrol: Rs 96.57 per liter, Diesel: Rs 89.76 per liter
Noida: Petrol: Rs 96.57 per liter, Diesel: Rs 89.96 per liter
Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre
Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre
Oil prices slip as global economic concerns depress oil demand outlook:
Oil prices dropped more than $1 per barrel on Monday as investors examined the G7 meeting this week for potential steps on Russian oil shipments and a revival of the Iran nuclear deal as concerns about the state of the world economy affected the outlook for oil demand. After recovering 2.8% on Friday, Brent oil futures slipped $1.42, or 1.3%, to $111.70 a barrel at 00:10 GMT. Following a 3.2 % increase in the previous session, U.S. West Texas Intermediate oil was trading at $106.08 per barrel, down $1.54 or 1.4 per cent.
