Petrol and diesel prices remained unchanged for the fifth straight day, on Saturday, as the state-owned oil companies paused a hike in rates. As the rates remained unchanged, diesel continued to be pricier than petrol in the capital city of Delhi. In the national capital, the price of petrol currently is Rs 80.43 per litre, and that rate of diesel Rs 80.53 per litre, according to notifications from state-run Indian Oil Corporation, the country’s largest fuel retailer. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City).
|(Source: Indian Oil)|
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. Since then, till June 28, prices were hiked for 21 days.
Domestic petrol and diesel prices are determined broadly by crude oil and forex rates, and vary from state to state due to value added tax (VAT).
Meanwhile, in the global market, oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery. Brent crude was down 38 cents, or 0.9 per cent, at $42.76 a barrel by 12:03 p.m. EDT (1603 GMT), and U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 1.1 per cent, to $40.21. U.S. trade was thinned by the Independence Day holiday.