Following several hikes in fuel prices earlier this month, the cost of petrol and diesel remain unchanged for the last 19 days on Monday, 25 April. Petrol and diesel prices were last hiked by 80 paise a litre each on April 6, Wednesday, taking the total increase in rates in 16 days to ₹10 per litre.
Petrol in Delhi costs ₹105.41 per litre while diesel rates costs ₹96.67, according to a price notification of state fuel retailers.In Gurugram, one litre of petrol will cost ₹105.86 and ₹97.10 for one litre of diesel.
In Chennai, the petrol and diesel prices are at ₹110.85 and ₹100.94 per litre . In Kolkata, the price of petrol is ₹115.12 and diesel is ₹99.83 . In Bengaluru, one litre of petrol will cost ₹111.09 and one litre of diesel will cost ₹94.79.
Meanwhile, oil prices extended losses on Monday amid persistent worries that prolonged Covid-19 lockdowns in Shanghai and potential U.S. rate hikes would dent global economic growth and fuel demand. Brent crude futures slid $1.90, or 1.8%, to $104.75 a barrel at 0015 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $1.89, or 1.9%, to $100.18 a barrel.
Shanghai authorities battling an outbreak of Covid-19 have erected fences outside residential buildings, sparking fresh public outcry over a lockdown that has forced much of the city’s 25 million people indoors.
The U.S. Federal Reserve Chairman Jerome Powell has indicated that a half-point interest rate increase “will be on the table” when the Fed meets in May to approve the next in what are expected to be a series of hikes this year.
On the supply side, U.S. energy firms added oil and natural gas rigs for a fifth straight week amid high prices and prodding by the government.
In Europe, the Russia-Kazakh Caspian Pipeline Consortium (CPC) was resuming full exports from April 22 after almost 30 days of disruptions following repairs on one of its key loading facilities, three sources familiar with the port loading plan told Reuters on Friday.
Still, some analysts say the worsening crisis in Ukraine could raise pressure on the EU to sanction Russian oil and prices could move higher later this year. Russia is Europe’s top gas supplier and the world’s second-biggest oil exporter after Saudi Arabia.
(With inputs from agencies)