Petrol, diesel prices today: Check fuel rates in Mumbai, Delhi and other metros
Petrol,diesel price today: In the international market,recession worries pushed the price of Brent oil briefly back under $100 on Wednesday
Oil marketing companies(OMCs) have released new rates of petrol-diesel for today i.e. Thursday, 7 July. Today petrol is being sold at at Indian Oil's petrol pumps in Delhi is ₹ 96.72 liter and diesel is being sold for ₹ 89.62 a liter. There has been no change in the rates of petrol and diesel in the country since May 21, even amidst the volatility in the prices of crude oil in the international market.
Petrol and diesel prices in all four metros:
In Delhi petrol is available at ₹96.72 and diesel ₹89.62 per liter
In Mumbai petrol is available at ₹111.35 and diesel ₹97.28 per liter
In Chennai petrol is available at ₹102.63 and diesel ₹94.24 per liter
In Kolkata petrol is available at ₹106.03 and diesel ₹92.76 per liter
In Bengaluru petrol is available at Rs101.94 and diesel at ₹87.89 per litre
In Hyderabad petrol is available at Rs109.66 and diesel at ₹97.82 per litre.
In India, the cheapest petrol and diesel is available in Port Blair. The price of petrol is ₹84.10 and the price of diesel is ₹79.74 per liter.
In the international market,recession worries pushed the price of Brent oil briefly back under $100 on Wednesday. Citi analysts have forecast that Brent could strike $65 later this year in the event of a prolonged worldwide economic downturn.
Trade was volatile, with both crude benchmarks up over $2 a barrel early on supply concerns and down over $4 a barrel at session lows. Crude futures have been extremely volatile for months.
On Tuesday, WTI slid 8% while Brent tumbled 9%, a $10.73 drop that was the third biggest for the contract since it started trading in 1988. Its biggest drop was $16.84 in March.
Analysts at investment banks Goldman Sachs and UBS said oil prices dropped due to recession fears.
UBS cited numerous reasons, including "the unwinding of the oil trade as inflation hedge, a stronger US dollar, hedge funds reacting to negative oil price momentum, producer hedging, and new mobility restriction concerns in China."
Europe's benchmark crude oil contract, Brent North Sea, fell briefly under $100 per barrel in afternoon deals, following its US counterpart WTI, which slumped below the symbolic level on Tuesday.
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