Petrol, diesel prices today: Petrol and diesel prices continue to surge across the country after their prices were raised for second consecutive day by the country's largest fuel retailer Indian Oil. Petrol price in Delhi was raised by 28 paise to touch record high of Rs 95.31 per litre. In Mumbai, the price of petrol was increased by 27 paise to an all-time high of Rs 101.52 per litre. Price of diesel was also hiked to an all-time high of Rs 93.58 from Sunday's price of Rs 93.30. Monday's hike in price of petrol and diesel was fourth straight hike in the month of June itself, data from Indian Oil showed.
Here are latest prices of petrol and diesel across metro cities in the country:
|Source: Indian Oil|
Petrol rates had already crossed the Rs 100-mark in various cities of Madhya Pradesh and Rajasthan. Fuel rates vary across the states in the country due to value-added tax or VAT.
The state-run oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum align the rates of domestic fuel with that of global crude oil prices by taking into account any changes in foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
In international market, oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.
Brent crude futures for August fell 38 cents, or 0.5 per cent, to $71.51 a barrel by 0519 GMT, after earlier hitting $72.27, their highest since May 2019. US West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.32 a barrel, down 30 cents, or 0.4 per cent.
Global oil demand is expected to exceed supplies in the second half despite a gradual easing of supply cuts by OPEC+ producers, analysts say.