Petrol Diesel Price Today: Crude oil becomes cheaper, but will there be relief? Know the latest rates of petrol and diesel in your city today

Petrol Diesel Price Today: Fuel prices in India remained stable with little change on Friday, July 3, while Brent crude prices declined as geopolitical tensions eased. Although global crude oil prices have fallen to a four-month low, state-run oil marketing companies (OMCs) are unlikely to reduce domestic fuel prices anytime soon. According to Union Petroleum and Natural Gas Minister Hardeep Singh Puri, domestic retail refiners are still processing expensive crude purchased during the peak of the West Asia crisis.

Petrol diesel prices cut

On Wednesday, OMCs cut ATF prices by about ₹5 per liter and commercial 19-kg LPG rates by ₹183.50 per cylinder as part of their monthly review, the first cut in nearly 4 months. Also, the rate of 5-kg marked-price or free trade LPG (FTL) cylinder also decreased by ₹13 to ₹808.50 per 5-kg cylinder. India’s largest private retailer, Nayara Energy, also announced cuts in petrol and diesel prices. With this change in prices, the Rosneft-backed company became the first retailer in more than two years to reduce pump rates.

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There was a sudden increase in prices

The last change in petrol and diesel prices was in the second half of May, when the rates were increased by about ₹7.50 per litre. During the volatility in oil prices due to geopolitical tensions, fuel retailers bore a major part of the increased crude prices and incurred a total loss of ₹74,781 crore on the sale of petrol, diesel and subsidized cooking gas (LPG).

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