Petrol and diesel prices on Monday remained unchanged across metro cities for more than a month. On May 21, the Centre announced a cut in excise duty on petrol and diesel by Rs 8 and Rs 6 a litre, respectively. The move marked a reduction of petrol rates by Rs 9.5 per litre and diesel by Rs 7 a litre.
In Delhi, a litre of petrol costs Rs 96.72, while the diesel rate stands at Rs 89.62 per litre.
Petrol is currently retailed at Rs 111.35 per litre in Mumbai, while diesel is sold at Rs 97.28.
Petrol now costs Rs 102.63 in Chennai, while diesel price stands at Rs 94.24. In Kolkata, petrol is retailed at Rs 106.03 and diesel is sold at Rs 92.76.
Fuel prices are the highest in Mumbai among all four metro cities. The rates vary across states due to the value-added tax (VAT).
State-run oil refiners such as Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
India imports 85 per cent of its crude oil needs, and the domestic fuel rates are linked to international rates.
Globally, crude oil fell in volatile trading today amid concerns over global economic slowdown. Both Brent and U.S. West Texas Intermediate (WTI) futures fell more than a dollar earlier. But, prices have rebounded with Brent at $112.78 a barrel, down 34 cents, and WTI at $107.17, down 45 cents.