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| Petrol, Diesel prices remain unchanged across metros | | |  Petrol, Diesel Prices Today: Fuel rates remained unchanged across metro cities on Saturday, March 12, 2022. The prices have remained static for over four months despite international crude oil prices having risen as major crude producers pledged to plug the supply gap from the escalating Russia-Ukraine conflict.
On Friday, Brent crude oil prices were at $112 per barrel amid the escalating Russia-Ukraine war.
Meanwhile, this is the longest duration for which rates have remained firm in India, ever since the daily revision of prices began in June 2017. However now there are speculations that fuel prices may rise by Rs 12 to Rs 15 per litre as assembly elections have ended in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur.
The central government had cut excise duty on November 4, 2021, to give relief from prices that had reached an all-time high levels. The government had slashed the duty on petrol by Rs 5 per litre and on diesel by Rs 10 a litre, leading to a substantial reduction in prices of fuel.
Later in December 2021, the Delhi government had reduced value-added tax on petrol from 30 per cent to 19.40 per cent. With this, petrol prices in the national capital were slashed by Rs 8.56 per litre.
A litre of petrol costs Rs 95.41 in Delhi, while diesel rates stand at Rs 86.67 per litre. In Mumbai, petrol is retailed at Rs 109.98 per litre, while diesel is being sold at Rs 94.14 per litre. Among the metro cities, fuel rates are still the highest in Mumbai. Fuel prices vary across the states due to value-added tax or VAT. Here are the petrol and diesel price across the metro cities:
City Petrol Diesel
Delhi
95.41 86.67
Mumbai
109.98 94.14
Chennai
101.40 91.43
Kolkata
104.67 89.79
Source: Indian Oil
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and, the domestic petrol and diesel prices are linked to international rates. But for the last four months, despite a spurt in international oil prices, petrol and diesel rates have not been changed.
The Russia-Ukraine war has majorly impacted crude oil prices across the globe and keeping this in mind, fuel prices may see a sharp rise in the coming days. |
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