Petrol, diesel prices today: The cost of petrol and diesel has remained unchanged for over a month on Sunday, July 2, 2022, with the oil marketing companies (OMC) keeping the costs steady for petrol and diesel for the consumers. The last time fuel prices changed was when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on May 21, 2022. Earlier on 1 July, the government decided to slap an export tax on petrol, diesel and jet fuel (ATF) shipped overseas by firms like Reliance Industries. It also imposed a windfall tax on crude oil produced locally by companies such as ONGC and Vedanta.
₹6 per litre tax will be imposed on export of petrol and ATF and ₹13 per litre tax on export of diesel, finance ministry notifications showed. It went ahead to clarify that the steps would have no impact on domestic fuel prices.
Here are the petrol, diesel prices in major cities:
The price of petrol in Delhi is ₹96.72 per litre from ₹105.41 per litre before the cut in excise duty, and diesel price stands at ₹89.62 per litre against its earlier price of ₹96.67.
The petrol prices in Mumbai today is ₹111.35 per litre and diesel is retailing at ₹97.28 per litre.
Petrol price in Chennai is currently ₹102.63 per litre while the diesel price today is ₹94.24 per litre.
In Kolkata, the price of petrol is ₹106.03 per litre and diesel at ₹92.76 per litre.
Meanwhile, oil eased at the start of the week, with investors weighing concerns that a global slowdown will drag down demand against supply interruptions and signs of persistent market tightness.
West Texas Intermediate declined below $108 a barrel after jumping 2.5 percent on Friday to cap a weekly gain. Trading volumes will likely be weaker than usual on Monday with a holiday in the US for the Fourth of July break.
Crude was buffeted last month as signs of an impending US recession prompted a wave of selling in commodities. Still, supply outages, including in Libya, have offset some of the weakness. Key time spreads also show a robust market.
Oil remains more than 40 per cent higher this year after being boosted by the war in Ukraine, which triggered a wave of sanctions on Russian flows. Many product prices remain elevated and Vitol Group, the biggest independent oil trader, warned at the weekend that surging fuel costs are starting to hurt demand.
Traders are also tracking China’s slow emergence from a string of demand-sapping anti-coronavirus lockdowns in major cities, as well as signs that officials have yet to quell outbreaks in the country entirely. A total of 385 local cases were reported on Saturday, with hundreds detected in Anhui province.
Lofty gasoline prices are a challenge for US President Joe Biden, who has tapped strategic reserves and pushed Middle Eastern suppliers to raise output to bring them down. In a tweet, Biden urged companies running gas stations to lower prices. The post was criticized by Amazon.com Inc. founder Jeff Bezos.
Oil markets remain in backwardation, a bullish pattern that’s marked by near-term prices commanding a premium to longer-dated ones. Brent’s prompt spread — the difference between its two nearest contracts — was $3.78 a barrel in backwardation, more than $1 higher than a month ago.
Concerns about a potential US recession — which would threaten oil demand — have escalated as the Federal Reserve hikes interest rates at a rapid clip to combat the fastest inflation in decades. Minutes from the central bank’s June meeting are due to be published on Wednesday.
(With inputs from Bloomberg)
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