For the second day in a row on Wednesday, petrol and diesel prices were left unchanged despite a fall in global crude oil prices, according to Indian Oil Corporation (IOC). One litre of petrol was being sold in national capital New Delhi for Rs 76.84, in Kolkata for 79.51, in Mumbai for Rs 84.22, and in Chennai for Rs 79.76. One litre of diesel was being sold in Delhi for Rs 68.47, in Kolkata for Rs 71.03, in Mumbai for Rs 72.65, and in Chennai for Rs 72.28, according to data from www.iocl.com.
Wednesday’s petrol and diesel prices came into effect from 6 am. Petrol and diesel prices were last slashed on Monday.
Petrol and diesel prices are decided by oil-marketing companies on the basis of global crude oil prices and the movement of the rupee against the US dollar.
Meanwhile, in global markets on Wednesday, Brent fell 29 cents to $71.87 a barrel, while US crude was quoted down 32 cents at $67.76 a barrel, according to a report by news agency Reuters. The focus turned to falling inventories in the United States and further output constraints in Venezuela and Libya.
Higher fuel prices pushed June wholesale and retail inflation to 4.5-year and five-month highs respectively.
India imports more than 80 per cent of its crude oil requirements through imports. Thus, trade deficit for June also swelled to a more than three-and a-half-year high of $16.6 billion. Experts do not expect any relief in petrol and diesel prices anytime soon.