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Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.
Petrol and diesel rates were kept unchanged across the four metro cities for the ninth consecutive day on Monday i.e. March 08. Indian Oil Corporation, the country’s largest state-run oil refiner had last hiked the petrol prices a week ago, on Saturday, February 27 to an all-time high of Rs 91.17 in the national capital. Since then, fuel rates have remained unchanged across all four metro cities. As of now, the highest fuel prices are in Mumbai where petrol is at Rs 97.57 per litre and diesel at Rs 88.60 per litre, according to Indian Oil Corporation.
Here are the current prices of petrol and diesel (in rupees per litre):
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 91.17 | 81.47 |
| Mumbai | 97.57 | 88.60 |
| Chennai | 93.11 | 86.45 |
| Kolkata | 91.35 | 84.35 |
| Source: Indian Oil | ||
Oil marketing companies – Bharat Petroleum, Indian Oil Corporation, and Hindustan Petroleum align the rates of domestic fuel with the global benchmarks, by taking into account any changes in the foreign exchange rates. Any revisions in fuel rates are implemented with effect from 6 am each day. Also, the domestic petrol and diesel prices vary across states due to the value-added tax (VAT).
Fuel prices across the country have witnessed a hike since January 2021 due to a rally in global crude oil prices.
On Friday, brent crude futures, the global oil benchmark, gained 2.59 per cent to $ 68.47 per barrel. Meanwhile, the rupee declined 19 paise to 73.02 against the dollar.
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