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Petrol, diesel prices today: The cost of petrol and diesel has remained unchanged for over a month on Sunday, July 2, 2022, with the oil marketing companies (OMC) keeping the costs steady for petrol and diesel for the consumers. The last time fuel prices changed was when 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. Notably, retail petrol and diesel prices differ from state to state on account of local taxes like VAT or freight charges.
Petrol, diesel prices in major cities:
The price 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, global energy markets that have thrown up plenty of anomalies in 2022 as flows get rerouted and prices jump just saw a fresh quirk: India, typically Asia’s leading gasoline and diesel exporter, has been forced to step up imports of the fuels, according to Bloomberg.
Gasoline imports rose to about 13,000 barrels a day in the first half of June, a seven-month high, according to Vortexa Ltd. Diesel imports, meanwhile, are set to surge to the highest since February 2020 at about 48,000 barrels a day, tenders by Indian Oil Corp. and Bharat Petroleum Corp., as well as Vortexa figures show.
The rare uptick has been driven by a need to cover local shortfalls even as India has emerged as a top buyer of shunned Russian crude following the invasion of Ukraine, and its refiners go all out to produce fuels. Elevated international product prices have prompted India’s private refiners to boost exports, creating a shortage that state processors are now rushing to address with extra imports.
(With inputs from Bloomberg)