Petrol, Diesel Price July 20, 2022: Will fuel price decline as crude prices fall?

The price of petrol and diesel continues to remain constant for almost two months now on July 20. No change has taken place in the fuel prices ever since finance minister Nirmala Sitharaman declared a cut in excise duty on petrol and diesel. Nirmala Sitharaman declared an excuse duty cut on petrol by Rs 8 per litre and Rs 6 per litre on diesel earlier this year on May 21.

Meanwhile, the price of crude oil has been witnessing a dip. The WTI Crude is selling for $103.5 per barrel and Brent crude price is recorded at $107.2 per barrel.

The Oil Marketing Companies have released a new rate list of petrol and diesel prices today showing the prices remain unchanged. Amid the falling prices of crude oil, it is anticipated that the prices of petrol and diesel may also come down.

When it comes to the prices of fuel in India, petrol is selling at Rs 96.72 per litre while the diesel price is recorded at Rs 89.62 per litre in Delhi. In Mumbai, the price of one litre of petrol is recorded at Rs 106.31 per litre and diesel price is available at Rs 94.27 per litre after a cut in VAT.

It is worth noting that public sector oil marketing companies that may include Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise prices of fuel everyday keeping in line with benchmark global prices and foreign exchange rates. If any changes in the prices of petrol and diesel occur, it is implemented at 6 AM everyday.

Below are the price of petrol and diesel in these cities:

Chennai: Petrol price: Rs 102.63/litre, Diesel price: Rs 94.24/litre

Bengaluru: Petrol price: Rs 101.94/litre, Diesel price: Rs 87.89/litre

Lucknow: Petrol: Rs 96.57/litre, Diesel: Rs 89.76/litre

Noida: Petrol: Rs 96.57/litre, Diesel: Rs 89.96/litre

Gurugram: Petrol: Rs 97.18/litre, Diesel: Rs 90.05/litre

Chandigarh: Petrol: Rs 96.20/litre, Diesel: Rs 84.26/litre