Petrol and diesel prices remained stable in metro cities for more than a month on Friday. On 21 May, the Center announced a reduction in excise duty on petrol and diesel by Rs 8 and Rs 6 per liter respectively. The move meant a reduction in petrol prices by Rs 9.5 per liter and diesel by Rs 7 per liter.
In Delhi, a liter of petrol costs Rs 96.72, while the diesel price stands at Rs 89.62 per liter.
Petrol is currently sold at Rs 111.35 per liter 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 sold at Rs 106.03 and diesel at Rs 92.76.
Fuel prices are the highest in Mumbai among all four metro cities. The rates differ across statements due to the value added tax (VAT).
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State-owned oil refineries such as Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum review fuel tariffs on a daily basis by considering crude oil prices in international markets and the rupee-dollar exchange rates. Any changes in fuel prices will take effect every day from 06:00.
India imports 85 percent of its crude oil needs, and domestic fuel tariffs are linked to international tariffs.
Globally, oil prices fell, and Brent crude futures fell 0.18 percent to $ 109.88 a barrel.