Petrol, diesel prices today: Check latest fuel prices in major cities
Premium- Petrol, diesel prices today: The cost of petrol in Delhi today stands at ₹96.72 per litre from ₹105.41 per litre before the cut in excise duty
The prices of petrol and diesel have continued to be on freeze for the third month and has remained steady on July 12, 2022. The fuel prices have remained unchanged after rates were hiked by a record ₹10 per litre in a matter of 16 days beginning March 22. And, in an attempt to curb the soaring inflation, the government cut excise duty on petrol by ₹8 per litre and diesel by ₹6 per litre earlier in May this year.
The cost 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, the Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum may post a combined loss of ₹10,700 crore in June quarter on selling petrol and diesel at rates below cost, a report said on Monday. This development comes at a time when crude oil prices soared in April-June, petrol and diesel prices were not revised, leading to marketing losses which offset strong refining margins, according to the ICICI Securities report. Notably, the three state-owned oil marketing companies, namely IOC, BPCL and HPCL control 90% of the retail petrol and diesel sales in the country. They also own refineries that turn crude oil into fuel such as petrol and diesel.
ICICI Securities said "we estimate gross refining margins (GRMs) to remain fairly strong at USD 17-18 per barrel levels (factoring in inventory loss of USD 0.1-0.2 a barrel) and marketing volume growth of 17-20 per cent, thanks to continued recovery in prospects and a weaker base." However, the higher retail losses in petrol and diesel may "drive an EBITDA loss of ₹6,600 crore and a net loss of ₹10,700 crore for the OMCs in Q1FY23E (April-June quarter of 2022-23 fiscal)," the brokerage further added.
(With inputs from PTI)