Petrol price remained unchanged while diesel fell across major cities — Mumbai, New Delhi, Kolkata and Chennai — on Thursday. Petrol stood at Rs 78.52 a litre, while diesel was at Rs 69.53 per litre in Mumbai.
According to the Indian Oil Corporation data, petrol costs Rs 72.90 per litre and diesel Rs 66.34 a litre in New Delhi. In Kolkata and Chennai, the petrol price stood at Rs 75.12 per litre and Rs 75.70 per litre while diesel was at Rs 68.37 per litre and Rs 70.07 a litre, respectively.
Prices of both petrol and diesel rose on Saturday after the government, in the Union Budget on Friday, announced that it will levy additional excise duty of Rs 2 per litre.
Of the Rs 2 hike, the road infra cess of Re 1 will go to the road ministry for infrastructure while the special duty of Re 1 will go to the revenue department.
US oil futures hit their highest in over a month on Thursday as a potential hurricane threatened crude output in the Gulf of Mexico and as an incident involving a British tanker in the Middle East highlighted ongoing tensions there.
US West Texas Intermediate (WTI) crude futures were up 11 cents at $60.54 a barrel by 0055 GMT, after earlier touching the highest since May 23 at $60.63. Brent crude futures were down 5 cents, or 0.1 percent, at $66.96 a barrel, after ending Wednesday up 4.4 percent.
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.