After the state-run oil marketing companies (OMCs) hiked the prices of petrol and diesel by 27-28 paise per litre on Monday, June 7, the prices of both fuels remained unchanged on Tuesday, June 8. Despite drop in the global crude rates, petrol and diesel prices have already witnessed three significant hikes in the month of June. However, the price of both key fuels was static at Rs 95.31 and Rs 86.22 per litre in the national capital.
Currently, petrol price in Mumbai remained unchanged at Rs 101.52 per litre on Tuesday, while the cost of diesel was also stable at Rs 93.58 a litre. In Kolkata, the retail petrol price is Rs 95.34 and Rs 96.77 per litre in Chennai.
Similarly, corresponding prices for diesel remained unchanged. In Delhi diesel retails at 86.28 per litre, Rs 89.12 in Kolkata, Rs 90.97 in Chennai and is the highest in the financial capital, Mumbai at Rs 93.64.
Meanwhile, in the global markets, Brent crude futures were down 11 cents or 0.2 percent and were trading at USD 71.38 per barrel. While, US oil was off by 13 cents, or 0.2 percent, at $69.10 a barrel, Reuters said.
Since May 4, petrol and diesel prices have been hiked 21 times, after the OMCs ended an 18-day waiting period in rates revision. In these past hikes the price of petrol shot up by nearly Rs 5 per litre in petrol and Rs 6 per litre in diesel prices. The prices of both fuels are reviewed by state-run OMCs such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise it daily and any revision is implemented from 6 am in the morning. Also, fuel prices differ from state to state across the country due to the value-added tax or VAT and other taxes.