There was no change in the prices of petrol and diesel for the 13th consecutive day on Saturday. Finance Minister Nirmala Sitharaman announced a record reduction in excise duty on petrol 8 per liter and on diesel 6 per liter on May 21.
value of petrol standing in delhi 96.72 per liter while the price of diesel is 89.62, as per the data available on Indian Oil Corporation website. One liter of petrol will be charged in Gurugram 97.81 more 90.05 for one liter diesel. Petrol is expensive in Mumbai right now 111.35, while retailing on diesel 97.28, after reduction of excise duty and VAT.
Petrol in Chennai and diesel prices on that 102.65 more 94.24 per liter. Petrol price in Kolkata is 106.03 and diesel is 92.76. One liter of petrol will be charged in Bangalore 101.94 and one liter of diesel will cost 87.89.
Meanwhile, crude oil prices fell marginally in opening deals on Friday, a day after the Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to increase production.
Analysts said the fall in prices was limited as markets were concerned that an increase in production would not be enough to offset the fall in supplies from Russia. At around 1020 pm, Brent July was trading at $117.44 a barrel on the Intercontinental Exchange, down 0.14% from its previous close. West Texas Intermediate futures fell 0.25% to $116.58 a barrel on the NYMEX. On Thursday, OPEC and its allies, known as OPEC+, decided to increase production by 648,000 barrels per day (bpd) in July and August. This follows an already decided increase of 432,000 bpd.
The next meeting of the oil cartel will be held on June 30. Analysts said the fall in crude oil reserves in the US-backed prices. Data released on Thursday showed that as of May 27, crude oil reserves in the US have fallen more than expected. Back in India, fuel prices were last revised on May 22, a day after the central government announced a cut in excise duty on petrol by Rs 8 per liter and diesel by Rs 6 per liter.
(with inputs from agencies)