Petrol and diesel prices on July 16: Check latest rates in your city

Fuel prices across Indian cities remained largely constant on Sunday. Major cities like Delhi, Mumbai, Kolkata and Chennai witnessed no change in the prices of petrol and diesel.

In Delhi, a litre of petrol and diesel is being sold at ₹96.72 and ₹89.62 respectively. In Mumbai, a litre of petrol continued to retail at above ₹100 at ₹106.31, while diesel stands at ₹94.27. In Kolkata, citizens must pay ₹106.03 for one litre of petrol, and ₹102.63 in Chennai. To buy one litre of diesel in these cities, customers will have to pay ₹92.76 and ₹94.24, respectively.

The petrol and diesel rates for each day, whether new or unchanged, are announced at 6 am on the day. These, however, vary from state to state due to value-added tax (VAT), freight charges, local taxes, etc.. The petrol price in Delhi is ₹96.72 per litre on July 16, while the diesel rate stands at ₹89.62/litre.

Fuel rates have stayed the same since May 2022, when the central government and several states had cut fuel taxes.

In India, oil marketing companies (OMCs) – Bharat Petroleum, Hindustan Petroleum, and Indian Oil – revise petrol and diesel prices, which are announced at 6am daily – irrespective of whether its constant or unchanged..

Oil prices fell more than a dollar a barrel on Friday as the dollar strengthened and oil traders booked profits from a strong rally, with crude benchmarks recording their third-straight weekly gain. Oil prices gained nearly 2% on a weekly basis, after supply disruptions in Libya and Nigeria heightened concerns that the markets will tighten in coming months. Russian oil exports have also decreased significantly and, if this trend continues next week, it would probably drive prices up further.

(With inputs from Reuters)