Oil & Gas

Petrol, Diesel Prices: Good News Fuel Prices Could be Reduced, Check Latest Prices in Your City

New Delhi: While there has been no revision in petrol, diesel prices since over last five months, consumers good soon get a relief of up to Rs 2. When it is announced, the fuel price cut would be the first since May 22 when the Centre had cut excise duty on petrol and diesel by Rs 8 and Rs 6, respectively.

While oil marketing companies on Monday night notified dealers about a price cut in fuel prices, the decision was reversed on Tuesday morning and no change in prices was reported.

Due to the excise duty cut announced in late May, retailers reported losses of Rs 10 per litre on petrol and Rs 14 on diesel sold during the April-June quarter, according to brokerages. Indian Oil, Bharat Petroleum and Hindustan Petroleum together posted a combined loss of Rs 19,000 crore during that quarter.

Now, there could be a relief soon as declining international crude as well as product rates have turned retailers’ margins positive on petrol by Rs 6 per litre and are expected to soon pare an under-recovery of Rs 10 on diesel. Consumers could soon see a petrol, diesel price reduction of up to Rs 2 per litre if oil and rupee hold their current levels, people in the know told ToI.
It would have to be seen if the cut will be gradual or in one go. The oil market continues to remain volatile even though it is now at a level much lower than the early days of the Ukraine conflict.

Latest petrol, diesel prices

Meanwhile, petrol continues to be sold at Rs 96.72 for a litre while diesel at Rs 89.62 a litre in the national capital. Petrol in Mumbai costs Rs 106.31 per litre while diesel costs Rs 94.27 a litre. In Chennai, petrol is currently priced at Rs 102.63 and diesel at Rs 94.24 per litre. In Bengaluru, petrol costs Rs 101.94 per litre while diesel is priced at Rs 87.89.

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