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The prices of petrol and diesel remained steady on Sunday for over three weeks since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel.
The price of petrol in Delhi stands at ₹96.72 per litre while cost of diesel is ₹89.62, as per the data available on Indian Oil Corporation website. In Gurugram, one litre of petrol will cost ₹97.81 and ₹90.05 for one litre of diesel.
In Mumbai, petrol currently costs ₹111.35, while diesel is retailing at ₹97.28, following the reduction of excise duty and VAT. In Chennai, the petrol and diesel prices are at ₹102.65 and ₹94.24 per litre. In Kolkata, the price of petrol is ₹106.03 and diesel is ₹92.76 . In Bengaluru, one litre of petrol will cost ₹101.94 and one litre of diesel will cost ₹87.89.
Oil prices fell on Friday, after U.S. consumer prices rose more than expected and China imposed new COVID-19 lockdown measures.
Brent crude fell $1.06 to settle at $122.01 a barrel. U.S. West Texas Intermediate crude fell 84 cents to settle at $120.67 a barrel.Both benchmarks still posted weekly gains, 1.9% for Brent and 1.5% for WTI.
For the day, oil prices sank along with Wall Street stocks after news that U.S. consumer prices accelerated in May. Gasoline prices have hit a record high and the cost of food has soared, leading to the largest annual increase in about 40 years. That raises expectations that the Federal Reserve will tighten policy more aggressively.
"The concern is that could be a forward indicator of consumer habits and even though gasoline demand is strong now, it's a sign in the future that if gasoline prices don't stabilize then consumers will be cutting back," said Phil Flynn, analyst at Price Futures.