Petrol,diesel prices today: Fuel rates remain constant in Delhi, Mumbai

The prices of petrol and diesel remained steady on Thursday for over two weeks since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel.

The price of petrol in Delhi stands at 96.72 per litre while cost of diesel is 89.62, as per the data available on Indian Oil Corporation website. In Gurugram, one litre of petrol will cost 97.81 and 90.05 for one litre of diesel.

In Mumbai, petrol currently costs 111.35, while diesel is retailing at 97.28, following the reduction of excise duty and VAT. In Chennai, the petrol and diesel prices are at 102.65 and 94.24 per litre. In Kolkata, the price of petrol is 106.03 and diesel is 92.76 . In Bengaluru, one litre of petrol will cost 101.94 and one litre of diesel will cost 87.89.

Meanwhile, oil prices gained about 1% on Tuesday, with U.S. crude settling at a 13-week high on supply concerns, including no nuclear deal with Iran, and prospects for demand growth in China, which is relaxing lockdowns to control the pandemic.

Looking ahead, analysts polled by Reuters forecast U.S. crude inventories fell last week. A drop in crude stockpiles could further support prices. [EIA/S] [API/S]

The American Petroleum Institute (API), an industry group, will issue its inventory report at 4:30 p.m. EDT (2030 GMT) on Tuesday. The U.S. Energy Information Administration (EIA) reports at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Robert Yawger, executive director of energy futures at Mizuho, said “several numbers” in the EIA report are “within striking distance of historical lows,” including possibly crude storage for the country, crude storage at Cushing, Oklahoma and crude storage in Strategic Petroleum Reserve.

Brent futures gained $1.06, or 0.9%, to settle at $120.57 a barrel, its highest since May 31. U.S. West Texas Intermediate (WTI) crude gained 91 cents, or 0.8%, to $119.41, its highest settlement since March 8 which matched an August 2008 settlement high.

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