India meets 80 percent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices (Representative Image)
Prices of petrol and diesel have remained steady for more than 40 days now. Since the end of a four-and-a-half-month-long halt in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 a litre each through 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each.
In Mumbai, petrol and diesel prices are at Rs 120.51 and Rs 104.77 per litre, respectively. In Chennai, petrol costs Rs 110.85 and diesel Rs 100.94 per litre; and in Kolkata, petrol is at Rs 115.12 per litre and diesel at Rs 99.83 per litre.
Oil marketing companies (OMCs) began to raise retail prices of fuel on March 22. In March, the hike was Rs 6.40 a litre each and in April the hike was Rs 3.60 a litre each. In May, there has been no change in prices, so far.
India meets 80 percent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices.
Petrol & Diesel Rates Yesterday
OMCs adjust the rates of petrol and diesel every day, depending on the average price of benchmark fuel in the global market over the previous 15 days and foreign exchange rates.
Oil prices were little changed on May 20 as worries about weaker economic growth offset expectations that crude demand could rebound in China as Shanghai lifts some coronavirus lockdowns.
Brent futures for July delivery fell 36 cents, or 0.3 percent, to $111.68 a barrel by 0015 GMT, while United States West Texas Intermediate (WTI) crude fell 36 cents, or 0.3 percent, to $111.85 on its last day as the front-month.
WTI futures for July, which will soon be the front-month, were down about 0.6 percent to $109.20 a barrel.
Union Minister Rameswar Teli on May 18 said that prices of petrol and diesel cannot be controlled till India increases production of oil, saying that the country is dependent on international market for its fuel needs.
“About 83 percent of oil consumed in the country is imported by us. We are dependent on international market, and till we increase our production, its price cannot be controlled,” the minister of state for petroleum and natural gas said.
(With inputs from Reuters)
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Fuel Prices on May 20: Check out petrol, diesel rates in Mumbai, Delhi and other cities have 697 words, post on www.moneycontrol.com at May 20, 2022. This is cached page on Business News. If you want remove this page, please contact us.