Petrol, diesel prices today: Fuel prices remain steady for over a month. Check latest fuel rates here
Premium- Petrol, diesel prices in major cities: Petrol price in Delhi today stands at ₹96.72 per litre and diesel price stands at ₹89.62 per litre
Petrol, diesel prices continue to remain unchanged for over a month on Monday, June 27, 2022, with the oil marketing companies (OMC) keeping the costs unchanged for petrol and diesel 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.
Fuel prices in major cities:
Petrol price in Delhi today stands at ₹96.72 per litre as against ₹105.41 per litre prior to the cut in excise duty, and diesel price stands at ₹89.62 per litre against its earlier price of ₹96.67. Petrol price in Mumbai is at ₹111.35 per litre and diesel is retailing at ₹97.28 per litre.
In Chennai, petrol price 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. 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.
Meanwhile, oil fluctuated near $107 a barrel as investors monitored developments from the gathering of Group of Seven leaders, while fears of a demand-sapping recession continued to hang over the market.
West Texas Intermediate swung between gains and losses after rising 3.2% on Friday. The US benchmark still posted its first back-to-back weekly loss since April. The G-7 will commit to providing indefinite support to Ukraine for its defense against Russia, and is weighing a price cap on the nation’s oil.
Oil is heading for its first monthly decline since November on escalating fears about a global slowdown as central banks hike interest rates to combat surging inflation. Retail prices for products like gasoline haven’t fallen anywhere near as fast as crude, however, due to a shortage of capacity to make fuels.
Oil has come under pressure from concerns about an economic downturn, said Gao Jian, a Shandong-based analyst at Zhaojin Futures Co. However, tight fundamentals will limit the decline in crude prices, he added.
The oil market is flashing bullish signs, despite being swept up in the recent turmoil along with other commodities. Global crude and fuel stockpiles remain tight -- exacerbated by Russia’s invasion of Ukraine -- and timespreads for futures contracts are signaling scarce supply.
Discussions among G-7 leaders and officials about a price cap on Russian oil are ongoing and an agreement has yet to be reached, according to people familiar with the matter. The potential mechanism would work by imposing restrictions on insurance and shipping, they said.