State-run oil marketing companies keep the petrol and diesel prices unchanged for the second consecutive day on Wednesday across major cities in India.
State-run oil marketing companies keep the petrol and diesel prices unchanged for the second consecutive day on Wednesday across major cities in India. In Delhi, while the petrol is selling at Rs 70.05 per litre, diesel is being sold at Rs 63.90 a litre. In Kolkata, people need to pay Rs 72.31 for one litre of petrol while for diesel they need to pay Rs 65.82 per litre, according to the Indian Oil Corp website. In Mumbai, petrol and diesel are selling at Rs 75.75 a litre and Rs 66.99 per litre. In Chennai, while diesel is being sold at Rs 72.77 per litre of petrol, diesel is retailing at Rs 67.59 per litre.
The retail prices of diesel and petrol are calculated on the basis of global crude prices on a 15-day average, and the Rupee-US dollar exchange rate. The Indian Rupee today opened lower at 69.44 per dollar against the previous close of Rs 69.34 per dollar amid rising crude oil prices and trade conflict between the world’s two largest economies the US and China.
India imports 80 per cent of its oil needs and it is the third largest importer of Iranian oil. The crude oil prices rose on Wednesday amid US-Iran geopolitical tensions and bigger-than-expected fall in the US crude stock. The American Petroleum Institute (API) data showed a fall in US crude inventories by 7.5 million barrels in the week ended on June 21 to 474.5 million, as against the analyst expectations for a decline of 2.5 million barrels. Crude stocks at US delivery hub Cushing, Oklahoma, fell by 1.3 million barrels, according to Reuters report. The International Brent crude futures were at trading USD 65.97 per barrel up about 1.4 per cent from their last close.