Petrol, Diesel Prices Today: Fuel prices remained unchanged today on June 7, 2022 for the 17th day across four metros.
The price of petrol in Delhi is Rs 96.72 per liter while diesel in the capital is priced at Rs 89.62 per liter.
In Mumbai, petrol costs Rs 111.35 per liter while diesel costs Rs 97.28 per liter. Among the four metro cities, fuel prices remain the highest in Mumbai.
Earlier on May 22, 2022, fuel prices had come down after Finance Minister Nirmala Sitharaman announced a cut in petrol excise duty of 8 liters and 6 rupees per liter for diesel on the evening of May 21.
The excise duty cut along with the Rs 5 cut on petrol and the Rs 10 reduction on diesel implemented from November 4, 2021, withdrew the Rs 13 per liter and Rs16 per liter increase in tax on petrol and diesel, respectively, implemented . between March 2020 and May 2020, to avoid conveying to consumers a sharp fall in international oil prices.
Fuel rates vary from state to state depending on local tax incidents.
Here are the prices of petrol and diesel in all metro cities:
Government-owned oil refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum review fuel rates on a daily basis, taking into account the price of crude oil in the international market, and the rupee-dollar exchange rate. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and domestic petrol and diesel prices are linked to international rates.
Meanwhile, oil prices rose higher on Tuesday following expectations of a recovery in demand in China as it eased tough Covid sanctions and doubted higher production targets by OPEC+ producers would ease tight supply, Reuters reported.
Brent crude futures were up 19 cents, or 0.2 percent, at $ 119.70 a barrel at 0050 GMT. US West Texas Intermediate (WTI) crude futures rose 25 cents, or 0.2 percent, to $ 118.75 a barrel, Reuters reported.