Petrol, diesel prices today: Did OMCs revise fuel rates in Delhi, Mumbai, other cities after Nayara Energy's price cut?
Petrol and diesel prices today: Fuel prices in India remained largely unchanged on Thursday, 2 July, despite cooling brent crude price. Easing geopolitical tensions in
Petrol and diesel prices today: Fuel prices in India remained largely unchanged on Thursday, 2 July, despite cooling brent crude price. Easing geopolitical tensions in West Asia pulled down Aviation Turbine Fuel (ATF) and commercial LPG prices. Marking the first reduction in nearly 4 months, Oil marketing companies slashed ATF prices by about ₹5 per litre and cut commercial 19-kg LPG rates by ₹183.50 per cylinder. Commercial LPG, which once touching a record ₹3,113 last month, will now cost ₹2,930 per cylinder. At the same time, the 5-kg marked-priced or Free Trade LPG (FTL) cylinder rate also fell by ₹13 to ₹808.50 per 5-kg cylinder. Nayara Energy also announced revision in petrol and diesel prices on Wednesday, becoming the first retailer in more than two years to reduce pump rates as crude prices returned to pre-war levels. It reduced petrol and diesel prices by ₹5 and ₹3 per litre. With this price adjustment, all 7,000 fuel stations of the Rosneft-backed company will charge revised rates. This move of India's largest private retailer comes almost a fortnight after the signing of the memorandum of understanding (MoU) between Iran and the US on 17 June, and the subsequent opening of the Strait of Hormuz, a key channel for 20% of global oil and gas trade.
Check petrol and diesel price in your city on 2 July Quick answers to key questions • 5 QUESTIONS 1 Did Nayara Energy reduce petrol and diesel prices recently? ⌵ Yes, Nayara Energy reduced petrol prices by ₹5 and diesel prices by ₹3 per litre, making it the first retailer to cut prices following a rise in crude oil supply. 2 What factors led to the recent reduction in fuel prices in India? ⌵ The reduction in fuel prices was influenced by easing geopolitical tensions in West Asia and a return of crude prices to pre-war levels after a memorandum of understanding was signed between Iran and the US. 3 How often are commercial LPG prices in India revised? ⌵ Commercial LPG prices in India are revised monthly, following rates set by Saudi Aramco’s Official Selling Price, and the latest revision saw a decrease of ₹183.50 per cylinder. 4 Why have public sector OMCs not reduced petrol and diesel prices despite Nayara's cuts? ⌵ Public sector oil marketing companies (OMCs) have not yet reduced prices due to concerns over previous losses incurred during the crisis and the need for price stability in the oil market.
5 What is the current price of petrol and diesel in Delhi following Nayara's price cuts? ⌵ In Delhi, the price of petrol at Indian Oil Corp Ltd remains ₹102.12 per litre, while diesel is sold at ₹95.20 per litre, unaffected by Nayara's price cuts. City Petrol Price Diesel Price New Delhi ₹ 102.12 ₹ 95.20 Kolkata ₹ 113.51 ₹ 99.82 Mumbai ₹ 111.21 ₹ 97.83 Chennai ₹ 107.77 ₹ 99.55 Gurugram ₹ 102.97 ₹ 95.64 Noida ₹ 101.96 ₹ 95.44 Bengaluru ₹ 111.68 ₹ 99.56 Bhubaneswar ₹ 108.97 ₹ 100.68 Chandigarh ₹ 101.54 ₹ 89.47 Hyderabad ₹ 115.69 ₹ 103.82 Jaipur ₹ 113.19 ₹ 98.25 Lucknow ₹ 101.86 ₹ 95.36 Patna ₹ 113.69 ₹ 99.67 Thiruvananthapuram ₹ 114.80 ₹ 103.64 Oil softens as flows through Strait of Hormuz resume Oil prices declined for a third day as flows through the Strait of Hormuz resumed following progress in US-Iran indirect talks. According to Bloomberberg, Brent settled below $72 on Wednesday after sliding 3% in the previous two sessions as it extended losses after its worst quarter since 2020. Washington and Tehran are making efforts to turn the interim truce into a lasting peace during the 60-day negotiating period even though the two countries exchanged strikes over the weekend.
The BriefWire