New Delhi: Petrol and diesel prices were both unchanged for the eighth consecutive day in three metro cities (Delhi, Kolkata and Chennai), applicable from 6:00 a.m. on 4th July 2018.
In Mumbai, petrol prices were reduced by 5 paise on Monday while diesel price remained unchanged. Prices remained the same on Wednesday.
Union Petroleum Minister Dharmendra Pradhan had last week said that prices of petrol and diesel will drop further in the coming days. Pradhan said the Modi government was keen to protect the interest of consumers.
He said that from July 1, the Organisation of the Petroleum Exporting Countries (OPEC) will increase production and this would help in bringing down the prices.
Domestic retail price of the fuel is one of the highest in the world, thanks to the high Central and state taxes, which constitute almost 45 percent of the fuel price for the consumer.
The country meets almost 82 percent of its fuel needs through imports. Rising crude import and other non-productive inward shipments like bullion has pushed up the current account deficit to 1.9 percent of GDP or USD 47.8 billion in FY18. And every analyst has projected FY19 CAD at over 2.3 percent due to rising crude prices and falling rupee.
Prices of non-branded petrol in metro-cities
Prices of non-branded diesel in metro-cities
(Source: Indian Oil) Prices may vary from outlet to outlet within a city