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Petrol, diesel prices today: Fuel rates remain steady in major cities. Check latest fuel rates here

It is important to note that retail petrol and diesel prices differ from state to state on account of local taxes like VAT or freight charges. (REUTERS)Premium
It is important to note that retail petrol and diesel prices differ from state to state on account of local taxes like VAT or freight charges. (REUTERS)

  • Petrol, diesel prices today: There has been no change in fuel prices ever since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on May 21, 2022

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Petrol and diesel prices have remained steady for over a month on Friday, July 1, 2022, as the oil marketing companies (OMC) kept the costs unchanged for petrol and diesel. There has been no change in fuel prices ever since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on May 21, 2022. It is important to note that retail petrol and diesel prices differ from state to state on account of local taxes like VAT or freight charges.

Petrol and diesel prices in major Indian cities:

The cost of petrol in Delhi today stands at 96.72 per litre from 105.41 per litre before the cut in excise duty, and diesel price stands at 89.62 per litre against its earlier price of 96.67. The cost of petrol in Mumbai is at 111.35 per litre and diesel is retailing at 97.28 per litre. Petrol price in Chennai stands at 102.63 per litre and diesel price today stands at 94.24 per litre. In Kolkata, petrol is retailing at 106.03 per litre and diesel at 92.76 per litre.

Meanwhile, oil prices sank around 3% on Thursday as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output, according to Reuters. The report further noted that brent crude futures for September delivery fell $3.42, or 3%, to settle at $109.03 per barrel. The August contract, which expires on Thursday, fell $1.45, or 1.3%, to settle at $114.81 a barrel.

U.S. West Texas Intermediate (WTI) crude futures fell $4.02, or 3.7%, to settle at $105.76 a barrel. The OPEC+ group of producers, including Russia, on Thursday agreed to stick to its output strategy after two days of meetings. The producer club avoided discussing policy from September onwards. Previously, OPEC+ decided to increase output each month by 648,000 barrels per day (bpd) in July and August.

Additionally, the sanctions on Russian oil since Russia's invasion of Ukraine have helped send energy prices soaring, stoking inflation and recession fears. Oil prices fell alongside Wall Street on Thursday. The S&P 500 was set up for its worst first six months since 1970, on concerns that central banks determined to tame inflation will hamper global economic growth. Price declines in the oil market were exacerbated as U.S. traders squared positions ahead of the three-day Fourth of July holiday weekend.

(With inputs from Reuters)

 

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