Petrol and diesel prices on Monday remained steady across metros for nearly a month. On May 21, the Centre announced a cut in excise duty on petrol and diesel by ₹ 8 and ₹ 6 a litre, respectively. The move marked a reduction of petrol rates by ₹ 9.5 per litre and diesel by ₹ 7 a litre.
In Delhi, a litre of petrol costs ₹ 96.72, while the diesel rate stands at ₹ 89.62 per litre.
Petrol is currently retailed at ₹ 111.35 per litre in Mumbai, while diesel is sold at ₹ 97.28.
Petrol now costs ₹ 102.63 in Chennai, while diesel price stands at ₹ 94.24. In Kolkata, petrol is retailed at ₹ 106.03 and diesel is sold at ₹ 92.76.
Fuel prices are the highest in Mumbai among all four metro cities. The rates vary across states due to the value-added tax (VAT).
State-run oil refiners such as Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
India imports 85 per cent of its crude oil needs, and the domestic fuel rates are linked to international rates.
Globally, oil prices edged lower today as concerns about slowing global economic growth and fuel demand outweighed worries about tightening supplies.
Brent crude futures slipped 3 cents to $113.09 a barrel. U.S. West Texas Intermediate crude was at $109.42 a barrel, down 14 cents, or 0.1 per cent.