Petrol, Diesel Prices Remain Static on Friday, Check Today’s Prices in Metro Cities

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In Mumbai, petrol prices stood at Rs 107.52 for a litre, while diesel retailed at Rs 96.48 per litre. Among the four metro cities, prices of both key fuels remain the highest in the country’s financial hub.

Petrol price remained unchanged across the four major metro cities on Friday, August 27, while diesel rates also did not see an increase. In the national capital, petrol prices were static at Rs 101.49 per litre and diesel rates were unchanged at Rs 88.92 per litre, according to the price notification by oil marketing companies (OMC).

Petrol is retailing at Rs 101.82 a litre in Kolkata. On Friday, diesel is priced at at Rs 91.98 a litre.

Among the four metro cities, the price of petrol and diesel remains the cheapest in Chennai. The retail price of petrol is revised to Rs 99.20; it must be noted that the Tamil Nadu government had earlier announced a tax cut of Rs 3 per litre on the precious auto fuel last week. On Friday, the price of a litre of diesel was Rs 93.52 in the southern metropolis.

So far in August, petrol prices were cut twice while diesel rates have seen a reduction on five instances. Prices of both fuels reached an all-time record high in India this year. Petrol prices recorded a hike of Rs 11.44 a litre, while diesel rates were increased by Rs 9.41 between May and July this year. In June, both key auto fuel prices were increased on 16 occasions, which was followed by 16-instances in the month of May. Soon OMCs resumed their price revisions ending a 18-day stop gap due to assembly elections in few key states.

This incessant hikes pushed petrol over Rs 100-per-litre mark in many states, while the rates of diesel too breached the Rs 100 mark in at least three states. Retail pump petrol is currently selling at over Rs 100-per-litre in at least 20 states across the country including Delhi, Andhra Pradesh, Odisha, Jammu and Kashmir, Karnataka, Ladakh, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, Uttar Pradesh and West Bengal.

In India, the price of auto fuels depends on international crude oil prices and rupee-dollar exchange rate. Apart from this, the Union and state governments levy various taxes such as excise duty, Value Added Tax (VAT) and freight charges. State-owned OMCs amend the rates fuel prices daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

Meanwhile, after witnessing a marginal drop, oil prices rose on Friday, due to apprehensions about near term supply disruptions as energy companies began shutting production in the Gulf of Mexico ahead of a potential hurricane forecast this weekend.

U.S. West Texas Intermediate (WTI) crude futures climbed 16 cents, or 0.2%, to $67.58 a barrel at 0111 GMT, clawing back a 1.4% loss on Thursday. WTI is headed for a weekly gain of more than 8%, which would be its strongest rise since early February.

Similarly, after falling 1.6% on Thursday Brent crude oil futures rose by 16 cents or 0.02 percent at $71.23 a barrel at 0111 GMTon Friday. The US West Texas Intermediate (WTI) followed a similar trend as crude futures rose by 16 cents, or 0.2%, to $67.58 a barrel, clawing back a 1.4 percent loss on Thursday, Reuters reported.

Here are the prices of diesel and petrol in a few metros and few cities across the country:

-Mumbai

Petrol – Rs 107.52 per litre

Diesel – Rs 96.48 per litre

-Delhi

Petrol – Rs 101.49 per litre

Diesel – Rs 88.92 per litre

-Chennai

Petrol – Rs 99.20 per litre

Diesel – Rs 93.52 per litre

-Kolkata

Petrol – Rs 101.82 per litre