Petrol Prices Remain Unchanged For Eighth Day, Diesel Rates Hiked On Tuesday

Petrol prices remained unchanged in the metros for the eighth consecutive day, on Tuesday, while diesel prices were hiked by 23-25 paise across most cities.

Petrol Prices Remain Unchanged For Eighth Day, Diesel Rates Hiked On Tuesday

Diesel prices touched an all-time high in Delhi, following rate hike after a week-long hiatus.

Petrol prices remained unchanged in the metros for the eighth consecutive day, on Tuesday, while the diesel prices were hiked by 23-25 paise across most cities in the country. In fact, diesel prices in the capital touched an all-time high, following the rate hike after a week-long hiatus. State-run oil marketing companies raised the prices of petrol and diesel - which are determined broadly by global crude oil prices and the rupee-dollar foreign exchange rate - on most days starting June 7 following a 12-week pause as global oil rates retraced some of the losses from sharp losses recently. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)

Here are the latest petrol and diesel prices in metros (in rupees per litre):

CityPetrolDiesel
Delhi80.4380.78
Kolkata82.1075.89
Mumbai87.1979.05
Chennai83.6377.91
                                                               (Source: Indian Oil)

Domestic petrol and diesel prices are broadly determined by crude oil and forex rates, and vary from state to state due to value added tax (VAT). Currently, the prices of petrol is at Rs 80.43 per litre in Delhi and Rs 87.19 per litre in Mumbai. The rates of diesel are at Rs 80.78 per litre and Rs 79.05 per litre in the metros respectively. The price of petrol has remained unchanged in Mumbai since June 29.

In the last one month, diesel price has been increased on 23 occasions while petrol rates have risen 21 times. The cumulative increase since the oil companies started the cycle on June 7, totals Rs 9.17 for petrol and Rs 11.39 in diesel.

Meanwhile, oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude futures climbed 13 cents, or 0.3 per cent, to $40.76 a barrel at 0103 GMT, recouping a 2 cent loss from Monday.

Brent crude futures rose 7 cents, or 0.2 per cent, to $43.17, adding to a 0.7 per cent gain on Monday.

On June 7, state-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum - which account for the majority of petrol and diesel outlets in the country - restarted the normal system of daily price reviews in line with costs following an 82-day hiatus.