Petrol and diesel prices were kept steady for the second straight day on Thursday. No change in fuel prices comes after two weeks of cuts, when petrol was made cheaper by Rs 2 per litre while diesel prices were reduced by around Rs 1.5 per litre. Domestic petrol and diesel prices, determined by global crude oil rates and the rupee-dollar exchange rate, had touched all-time highs in some cities last month. Weakness in the rupee to 68.42 against the US dollar – an 18-month low – and a surge in international crude oil prices to 2014 highs, around $80 per barrel, had pushed domestic fuel rates higher in May, say analysts.
Here are five things to know about petrol and diesel rates today:
1. With effect from 6 am on Thursday, June 14, petrol and diesel prices were at Rs 76.43 per litre in Delhi, Rs 79.1 per litre in Kolkata, Rs 84.26 per litre in Mumbai and Rs 79.33 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs 67.85 a litre, Rs 70.4 a litre, Rs 72.24 a litre and Rs 71.62 a litre in Delhi, Kolkata, Mumbai and Chennai. That marked the same level of petrol and diesel prices in the four metros since Tuesday.
2. The 14 days of downward movement in petrol and diesel prices followed sixteen consecutive hikes last month. From May 14 to May 29, petrol prices were increased in the range of Rs 3.74-4 a litre across the four metros and diesel prices raised by Rs 3.23-3.62 a litre.
3. Overall, in the month of May, petrol prices were raised in the range of Rs 3.66-3.92 per litre while the quantum of increase was to the tune of Rs 3.17-3.56 in case of diesel prices.
4. On Thursday, crude oil prices eased, dragged down by rising output, although strong demand and a drop in US fuel inventories provided some support. Brent crude futures, the international benchmark for oil prices, were near $76.50 per barrel, down 0.4 per cent from the previous close.
5. The rupee rose marginally higher to 67.57 against the US dollar on Thursday morning. Some weakness in the dollar despite the Federal Reserve hiking interest rates overnight, and signaling two more hikes this year, supported the rupee against the greenback, say analysts.
(With agency inputs)
Source: NDTV Profit