Gasoline and diesel prices on Thursday were unchanged in metro cities for more than a month. On May 21, the Center announced a reduction in the excise tax on petrol and diesel at Rs 8 and Rs 6 per liter respectively. The move meant a cut in petrol prices by Rs 9.5 per liter and diesel by Rs 7 per litre.
In Delhi, a liter of petrol costs Rs 96.72 while the diesel rate is Rs 89.62 per litre.
Petrol is currently sold for Rs 111.35 per liter in Mumbai while diesel is sold for Rs 97.28.
Petrol now costs Rs 102.63 in Chennai while the diesel price is Rs 94.24. In Kolkata, petrol is sold for Rs 106.03 and diesel for Rs 92.76.
Fuel prices are highest in Mumbai of all four metro cities. Rates vary from country to country due to value added tax (VAT).
Click here to check fuel rates in metros and other cities
State-run oil refineries such as Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum revise fuel tariffs daily, taking into account crude oil prices in international markets and exchange rates of the rupee and dollar. Any changes in fuel prices will be implemented daily from 6am.
India imports 85 percent of its crude oil needs, and domestic fuel tariffs are linked to international tariffs.
Globally, oil prices fell 2 percent in early trading today, adding to the previous day’s losses as investors worried that aggressive rate hikes in the US could trigger a recession and dent fuel demand.
US West Texas Intermediate (WTI) crude futures fell $2.39 or 2.3 percent to $103.80 a barrel. Brent oil futures fell $2.24 or 2 percent to $109.50 a barrel.