Fuel Price Remain Unchanged in India

The price of petrol and diesel remained unchanged in India on June 23, 2023, across the cities in the country. The petrol and diesel rates in India were revised daily at 6:00 am with effect from June 15, 2017, in line with the crude prices in the international markets.

The petrol price in India across several prominent cities stands constant with rates at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.66 per litre in Chennai.

The diesel rates in India were priced at Rs 89.62 per litre in New Delhi; Rs 92.76 per litre in Kolkata; Rs 94.27 per litre in Mumbai and Rs 94.26 per litre in Chennai.

However, the oil futures plunged yesterday by 4 per cent in the overseas markets, as a bigger-than-expected rate hike by the Bank of England has prompted worries about the economy of the U.K. and in turn the fuel demand which has outweighed support from a surprise draw in the U.S. crude oil supplies.

In the international markets, the crude benchmark - Brent was seen at $73.63 per barrel, down by 0.69 per cent and West Texas Intermediate (WTI) at $68.96 per barrel, down by 0.79 per cent.

The benchmarks have lost the gains they managed to gain from the previous session. The surge in the prices of U.S. soybean and corn to multi-month highs has raised expectations that a shortfall in crop yields could lower biofuel blending and thus bolster the fuel demand.