Petrol prices were kept unchanged on Tuesday, while diesel prices were hiked by 25 paise, taking the per litre rate to Rs 80.78 in the national capital. Today's hike takes the difference between petrol and diesel even further; petrol costs Rs 80.43 in Delhi and diesel costs Rs 80.78 per litre.
Other metro cities also saw marginal rise prices. The city of Mumbai saw petrol costing 2 paise more at Rs 87.19 and diesel costing Rs 10 paise more at 79.05 per litre. In Chennai, petrol prices went up 4 paise and diesel 13 paise to Rs 83.63 and Rs 77.91 per litre, respectively. In Kolkata, petrol will cost you Rs 82.10 and diesel at Rs 75.79 per litre.
Check out latest petrol, diesel prices across 4 metros:
New Delhi: Petrol Rs 80.43. Diesel Rs 80.78
Mumbai: Petrol Rs 87.21. Diesel Rs 79.05
Chennai: Petrol Rs 83.63. Diesel Rs 77.91
Kolkata: Petrol Rs 82.10 Diesel Rs 75.79
Petrol and diesel prices are assessed by oil marketing companies such as the state-run Indian Oil Corporation daily, and any revision in rates is applied from 6 am in the morning.
Fuel rates vary from state to state basis the incidence of VAT (Value Added Tax), or local taxes, and are determined broadly by forex rates and crude oil prices. While crude prices slumped as the COVID-19 pandemic hit economies globally, fuel prices in India did not come down. In April, the Indian basket dipped below $20 per barrel.
Meanwhile, crude oil prices went up on early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as US coronavirus cases surged, potentially hampering a recovery in fuel demand, reported Reuters.
US West Texas Intermediate (WTI) crude CLc1 futures climbed 13 cents, or 0.3%, to $40.76 a barrel at 0103 GMT, recouping a 2 cent loss from Monday. Brent crude LCOc1 futures rose 7 cents, or 0.2%, to $43.17, adding to a 0.7% gain on Monday.