State-run oil marketing companies hiked diesel prices on Saturday while keeping petrol rates on hold at existing levels. In metros, Indian Oil Corporation raised the prices of diesel by 13-18 paise per litre. With effect from 6 am on July 18, the price of diesel was raised to Rs 81.52 per litre, from the existing Rs 81.35 per litre, while that of petrol was left unchanged at Rs 80.43 per litre. In Mumbai, the price of diesel was revised to Rs 79.71 per litre from Rs 79.56 per litre, while the rate of petrol maintained at Rs 87.19 per litre. Indian Oil, Hindustan Petroleum and Bharat Petroleum account for the majority of fuel stations in the country. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City).
Here are the latest petrol and diesel prices (in rupees per litre) in the four metros:
|(Source: Indian Oil)|
Currently, diesel costs more in the national capital compared to petrol.
Domestic petrol and diesel prices vary from state to state due to value added tax (VAT).
Oil companies review the rates on a daily basis, based on changes in international crude oil rates and the rupee-dollar foreign exchange rate, and implement any changes with effect from 6 am.
Crude oil prices edged lower on Friday as concerns about the surge in coronavirus cases sapping fuel demand while major crude-producing nations ready increases in output. Brent crude futures – the global benchmark for crude oil – declined 0.53 per cent to close at $43.14 per barrel.
Global oil rates have regained some ground from March lows as the easing of restrictions on transport and industrial activity boosted fuel demand around the globe. Brent crude futures had hit a 21-year low of $15.98 per barrel in April.
The rupee ended at 75.02 against the dollar on Friday. At the current level, it has recovered 2.46 per cent from a record low of 76.91 logged in April, but still it is down 5.13 per cent against the greenback so far this year.