Petrol and Diesel Rate Today, 29 January: Fuel prices unchanged, Check rates in Delhi, Mumbai, other cities Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Petrol, diesel rates remained unchanged across major cities in the country on Sunday, 29 January 2023, keeping costs steady for about eight months now. In Delhi, a litre of petrol is retailing at Rs 96.72, while diesel in the National Capital is priced at Rs 89.62 per litre. In Mumbai, petrol is retailing at Rs 106.31 per litre, while diesel in the economic capital is selling at Rs 94.27 per litre. The last country-wide change in fuel rates happened on 21 May last year, when the central government slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since then, several states have also reduced VAT prices on fuels. Himachal Pradesh government on 8 January increased value-added tax (VAT) on diesel by Rs 3 per litre. Note that fuel prices change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their prices daily in line with international benchmark prices and forex rates. Any changes in petrol and diesel costs are implemented from 6 am every day. Kolkata: Petrol rate today: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litre Bengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per litre Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per litre Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litre Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litre Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litre Note that Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) haven’t changed petrol and diesel prices since 6 April 2022, despite input crude oil prices rising from $102.97 per barrel that month to $116.01 per barrel in June and falling to $82 per barrel this month. Oil Minister Hardeep Singh Puri recently asked Oil Marketing Companies (OMCs) to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down and also if OMCs under recovery come down. OMCs incurred a loss of Rs 21,200 crore on account of selling petrol and diesel below the cost price.
However, he believes that the impact on the Indian market is going to be temporary since there could be some short-term impact on flows into Indian equity markets. But since the Indian economy is on a strong wicket and will continue to remain resilient.
“Improved fiscal situation, controlled current deficit, stable interest scenario combined with good corporate earnings should lead to limited impact on the Indian bond market and equity market too,” he added.
The midcap and smallcap indices took a bigger knock with the BSE MidCap fell 2.51%, while BSE SmallCap index dived 4.18%. According to Amnish Aggarwal, head, research, Prabhudas Lilladher, the valuations were already high and some correction was expected. “If the situation sustains as it is then further correction can’t be ruled out,” Aggarwal said.
Telecommunication and industrials indices were the top laggards with BSE Telecommunication declining 3.82%, followed by BSE Industrials falling 3.26%. JSW Steel (-2.99%), Tata Steel (-2.52%) and Tata Consultancy Services (-2.44%) were the top losers of Sensex.
Surprisingly, both foreign portfolio investors and domestic institutional investors were net buyers today. While, FPIs net bought shares worth Rs 252.25 crore, DIIs have purchased shares worth Rs 1,111.84 crore, as per provisional data from exchanges.
Calling this a “normal phenomena” Pankaj Pandey, head, research, ICICI Direct said, “I will not really give too much weight to a single day buying figure. Amid concerns of elevated interest rate and geopolitical tensions, in a typical market cycle, 8-10% correction is possible at any point in time.”
The brunt of geopolitical conflict, elevated interest rates and rising crude oil prices was also felt by other Asian- Pacific markets. Jakarta Composite Index lost 1.57% followed by Shanghai Composite Index and PSEi, which fell 1.47% and 0.89%, respectively. Nikkei and KOSPI declined 0.83% and 0.76%.