The price of petrol in Delhi stands at ₹96.72 per litre while cost of diesel is ₹89.62, as per the data available on Indian Oil Corporation website. In Gurugram, one litre of petrol will cost ₹97.81 and ₹90.05 for one litre of diesel.
In Mumbai, petrol currently costs ₹111.35, while diesel is retailing at ₹97.28, following the reduction of excise duty and VAT. In Chennai, the petrol and diesel prices are at ₹102.65 and ₹94.24 per litre. In Kolkata, the price of petrol is ₹106.03 and diesel is ₹92.76 . In Bengaluru, one litre of petrol will cost ₹101.94 and one litre of diesel will cost ₹87.89.
Oil climbed at the week’s open as China eased anti-virus lockdowns and the EU worked on a plan to ban imports of Russian crude.
Brent crude topped $120 a barrel, then pared some gains, after the benchmark jumped more than 6% last week to post the highest close in two months. The key hub of Shanghai allowed all manufacturers to resume operations from June, while officials said Beijing’s coronavirus outbreak is under control.
While EU nations failed to agree on a deal Sunday on a revised sanctions package that may include a Russian crude ban to punish Moscow for its war in Ukraine, talks will continue during the week. Hungary is so far refusing to back a compromise despite proposals aimed at ensuring its oil supplies. An EU official said a deal is still possible in the coming days as leaders meet.
Brent crude is on course for a sixth straight monthly climb that would be the longest such run in more than a decade. The advance has been driven by the fallout from war in Europe, as well as increased demand as more economies return from Covid-related restrictions. In the US, the summer driving season kicked off at the weekend with retail gasoline prices at a record.
*With inputs from Bloomberg
