Petrol and diesel prices on Thursday remained unchanged across metro cities for over a month. On May 21, the Centre announced a cut in excise duty on petrol and diesel by Rs 8 and Rs 6 a litre, respectively. The move marked a reduction of petrol rates by Rs 9.5 per litre and diesel by Rs 7 a litre.
In Delhi, a litre of petrol costs Rs 96.72, while the diesel rate stands at Rs 89.62 per litre.
Petrol is currently retailed at Rs 111.35 per litre in Mumbai, while diesel is sold at Rs 97.28.
Petrol now costs Rs 102.63 in Chennai, while diesel price stands at Rs 94.24. In Kolkata, petrol is retailed at Rs 106.03 and diesel is sold at Rs 92.76.
Fuel prices are the highest in Mumbai among all four metro cities. The rates vary across states due to the value-added tax (VAT).
State-run oil refiners such as Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
India imports 85 per cent of its crude oil needs, and the domestic fuel rates are linked to international rates.
Globally, oil prices fell 2 per cent in early trade today, extending losses from the previous day, as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand.
U.S. West Texas Intermediate (WTI) crude futures fell $2.39, or 2.3 per cent, to $103.80 a barrel. Brent crude futures dropped $2.24, or 2 per cent, to $109.50 a barrel.