State-run oil firms, including Indian Oil Corporation, kept the prices of petrol and diesel unchanged on Thursday. The petrol prices have now remained unchanged since June 29. The price of petrol stood at Rs 80.43 per litre in Delhi and Rs 87.19 per litre in Mumbai, and that of diesel was at Rs 81.18 per litre and Rs 79.40 per litre respectively, according to notifications from Indian Oil Corporation, the country’s largest fuel retailer. In a rare occurrence, the price of diesel remains slightly higher than diesel in the national capital. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City).
Here are the current prices of petrol and diesel in rupees per litre in the four metros:
|(Source: Indian Oil)|
In other metros, petrol continues to be more expensive than diesel. On June 7, Indian Oil, Hindustan Petroleum and Bharat Petroleum – which account for the majority of fuel stations in the country – returned to the normal practice of daily price reviews following a hiatus of nearly seven weeks.
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.
Meanwhile, oil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a bigger-than-expected drawdown from the country’s crude stocks.
Brent crude fell 13 cents, or 0.3 per cent, at $43.66 a barrel by 0015 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 18 cents, or 0.4 per cent, to $41.02 a barrel. They rose 2 per cent the previous day, helped by the U.S. crude inventories drop.
Global oil rates have regained some ground from March lows as the easing of restrictions on transport and industrial activity to curb the spread of the coronavirus pandemic boosted fuel demand around the globe. Brent crude futures had hit a 21-year low of $15.98 per barrel in April.