Gasoline, diesel prices today: Fuel prices have remained stable for more than a month. Check the latest fuel prices here

Gasoline and diesel prices remain unchanged for over a month on Wednesday, June 29, 2022, with petroleum marketing companies (CMOs) keeping costs unchanged for gasoline and diesel.

On May 21, Finance Minister Nirmala Sitharaman said the government was reducing the central excise duty on petrol from 8 per liter and on diesel per 6 per liter.

“This will reduce the price of gasoline by 9.5 liters and Diesel per 7 per liter,” she said. The reduction in excise duties will affect revenue by approximately 1 lakh crore per year for the government, Sitharaman had said in a tweet.

The Minister of Finance had also asked state governments to do the same and reduce the value added tax on fuels.

“I wish to urge all State Governments, especially States where the reduction was not carried out in the last cycle (November 2021), to also implement a similar reduction and provide relief to the common man,” she said.

Here are the fuel prices in major cities:

The price of gasoline in Delhi today stands at 96.72 per liter against 105.41 per liter before excise duty reduction.

The price of diesel in the nation’s capital amounts to 89.62 per liter against its previous price of 96.67.

The price of gasoline in Mumbai is 111.35 per liter while diesel sells for 97.28 per liter.

In Chennai, the price of petrol is 102.63 per liter and the price of diesel today stands at 94.24 per liter.

The price of poetrol in Kolkata today is 106.03 per liter and diesel at 92.76 per liter.

It is important to note that retail prices for gasoline and diesel differ from state to state due to local taxes such as VAT or freight charges.

Meanwhile, oil stabilized after a three-day rally, with U.S. industry data showing crude inventories tightened further at the key Cushing storage facility.

West Texas Intermediate traded above $111 a barrel after adding around 7% in the previous three sessions.

Global oil markets have tightened after a rebound in economic activity, with Russia’s invasion of Ukraine adding pressure by disrupting trade flows. OPEC+ is expected to approve another modest supply increase for August this week, though the cartel has struggled to meet its targets this year.

Group of Seven leaders agreed on Tuesday they want ministers to urgently assess how the price of Russian oil can be reduced to limit the energy revenue the Kremlin uses to fund its war in Ukraine.

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