Petrol and diesel prices remain same across metro cities

Petrol and diesel prices remained the same across metro cities on March 16, 2022.

New Delhi, First Published Mar 16, 2022, 2:05 PM IST | Last Updated Mar 16, 2022, 2:05 PM IST

Fuel prices to remain the same across the metro cities on Wednesday. This marks the longest duration as the rates have remained unchanged since the daily revision of prices began in June 2017.

The Centre had cut excise duty on November 4, 2021, to provide relief from prices that had reached an all-time high. The government had lowered the duty on petrol by Rs 5 per litre and diesel by Rs 10 per litre, leading to a substantial reduction in fuel prices.

In 2021 December, the Delhi government reduced the value-added tax (VAT) on petrol from 30 per cent to 19.40 per cent. In Delhi, the petrol prices were lowered by Rs 8.56 per litre. Per litre of petrol costs Rs 95.41, and Diesel was Rs 86.67 per litre. In Mumbai, the petrol price is Rs 109.98 per litre, while diesel is Rs 94.14 per litre. Considering all metro cities, Mumbai's fuel rate remains high. Due to VAT, fuel prices differ across states.

In Delhi, the petrol rate is Rs 95.41 per litre, and diesel stands at Rs 86.67 per litre. In Mumbai, petrol is sold at Rs 109.98, and diesel at Rs 94.14 per litre. Petrol in Chennai stands at Rs 101.40 and diesel at Rs 91.43 per litre. Kolkata, the petrol price remains at Rs 104.68 per litre and diesel at Rs 89.79 per litre.

Indian Oil, Bharat Petroleum and Hindustan Petroleum alter the fuel prices daily, considering the crude oil prices in the international markets and the rupee-dollar exchange rates. Changes in prices of petrol and diesel take effect at 6 am daily.

India imports 85 per cent of its oil, and domestic petrol and diesel rates are linked to international rates. Despite a spike in crude oil prices, gasoline and diesel prices have remained stable for more than four months.

Globally, oil prices rose today after trading lower earlier in the session, as Russia's invasion of Ukraine continued to stoke volatile trade. Brent crude gained 1.26 per cent to $101.17 per barrel, while US crude gained 0.93 per cent to $97.34 per barrel.

Also read: CNG price hike in Delhi-NCR and other cities, check rates here

Also read: Election voting over, brace for petrol and diesel price hike

Also read: Fuel prices in metro cities remain unchanged

For more reliable and latest news