Petrol, diesel prices today: Fuel cost in Delhi, Kolkata, Mumbai, other cities as Brent crude falls to its pre-war level
Petrol and diesel prices today: Fuel prices remained largely unchanged on Thursday, 25 June, across Indian cities even though Brent crude flipped into a bearish
Petrol and diesel prices today: Fuel prices remained largely unchanged on Thursday, 25 June, across Indian cities even though Brent crude flipped into a bearish contango structure on for the first time since the war began. The decline in price of global benchmark can be attributed to easing geopolitical tensions in West Asia and the resumption of tanker flows through the Strait of Hormuz. Brent crude dropped to its pre-conflict closing price and settled at $72.48 a barrel. After rallying to a conflict peak of just above $120, international oil prices have cooled, including West Texas Intermediate and Dated Brent, Bloomberg reported. Positive sentiment flooded the market after the US and Iran signaled progress in peace talks after initial discussions on a lasting agreement. City-wise petrol prices on 25 June City Price New Delhi ₹ 102.12 Kolkata ₹ 113.51 Mumbai ₹ 111.21 Chennai ₹ 107.76 Gurugram ₹ 102.97 Noida ₹ 101.96 Bengaluru ₹ 111.68 Bhubaneswar ₹ 108.97 Chandigarh ₹ 101.54 Hyderabad ₹ 115.69 Jaipur ₹ 113.19 Lucknow ₹ 101.86 Patna ₹ 113.37 Thiruvananthapuram ₹ 115.49 City-wise diesel prices on 25 June City Price New Delhi ₹ 95.20 Kolkata ₹ 99.82 Mumbai ₹ 97.83 Chennai ₹ 99.55 Gurugram ₹ 95.64 Noida ₹ 95.44 Bengaluru ₹ 99.56 Bhubaneswar ₹ 100.68 Chandigarh ₹ 89.47 Hyderabad ₹ 103.82 Jaipur ₹ 98.25 Lucknow ₹ 95.36 Patna ₹ 99.36 Thiruvananthapuram ₹ 104.40 ‘More supply, lower demand, driven the downward price,’ says expert “It’s quite amazing the price and narrative turnaround from even where the market was less than two weeks ago,” Bloomberg quoted associate dean of New York University’s Center for Global Affairs, Carolyn Kissane, as saying.
She added, “The idea that we are pivoting to seeing more supply with lower demand has really driven the downward price shift.” Retail refiners in India continue to charge the price that was implemented after 25 May hike. Last month, petrol and diesel prices underwent multiple revisions, resulting in cumulative increase of about ₹7.50 and ₹7.60 per litre in petrol and diesel prices, respectively. The Centre on Thursday assured that ethanol blending programme is safe, consumer-friendly and economically beneficial. Dismissing concerns that the use of E20 fuel could affect the validity of vehicle insurance policies, the oil ministry in a statement said, ""Ethanol blending is a globally accepted practice and is successfully implemented in several countries, including the United States, Brazil, and Japan." According to the Indian government, E27 serves as Brazil's standard petrol blend which was adopted long ago.
The BriefWire