Petrol-Diesel Prices June 29: Crude oil price increases by Rs 60 | Know how much it affects fuel rates

Petrol and Diesel Prices Today: Crude oil prices have fluctuated significantly recently, with current rates ranging between $80-85 per barrel. On Friday, the price of crude oil increased by Rs 62 in a single day, bringing it close to $82.40 per barrel. Meanwhile, oil companies have released the latest petrol and diesel prices for June 29, 2024. Here’s an update on the current prices of petrol and diesel in various metropolitan and selected cities across the country.

Current Crude Oil Prices in the Futures Market

On Friday, crude oil prices rose by Rs 62 to Rs 6,866 per barrel in futures trading as traders expanded their deals in response to strong spot demand. The July delivery contract at the Multi Commodity Exchange increased by Rs 62 or 0.91%, reaching Rs 6,866 per barrel, with 5,702 lots traded. Market analysts attribute the rise in crude oil futures prices to traders increasing their deal sizes. Globally, West Texas Intermediate crude oil rose by 0.81% to $82.40 per barrel, while Brent crude increased by 0.64% to $86.90 per barrel.

Petrol and Diesel Prices in Metro Cities

Petrol and Diesel Became Cheaper Last Month

On March 15, the Government of India implemented a significant price cut for petrol and diesel, reducing both by Rs 2 per liter. This reduction was made with the upcoming Lok Sabha elections in mind. With the elections now over, it will be interesting to see how long these reduced prices will remain in effect.

Oil Marketing Companies (OMCs) Issue Prices 

Oil marketing companies in India, such as Hindustan Petroleum Corporation and Indian Oil Corporation, release petrol and diesel prices. Notably, petrol and diesel prices have not been changed since May 22, 2022. These prices are available on the companies' websites and can be checked from home. 

How to Check Prices from Home

You can easily check the current petrol and diesel prices in your city by visiting the oil marketing companies' websites or sending an SMS. Indian Oil customers can send an SMS with "RSP" followed by the city code to 9224992249. BPCL customers can send an SMS with "RSP" to 9223112222.