Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.
Petrol, Diesel Prices Today: Petrol and diesel prices touched fresh all-time highs across the four metros on Wednesday, February 17, after oil marketing companies increased the rates by around 25 paise for the ninth straight day. In Delhi, the price of petrol was hiked by 25 paise from Rs 89.29 per litre to Rs 89.54 per litre, and diesel was increased by an equal amount from Rs 79.70 per litre to Rs 79.95 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. Meanwhile, in Mumbai, the revised petrol and diesel rates stood at Rs 96.00 per litre and Rs 86.98 per litre respectively. Currently, the fuel rates are the highest in Mumbai, among all the four metros. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City)
Here are the current prices of petrol and diesel (in rupees per litre):
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 89.54 | 79.95 |
| Mumbai | 96.00 | 86.98 |
| Chennai | 91.68 | 85.01 |
| Kolkata | 90.78 | 83.54 |
| Source: Indian Oil | ||
Petrol and diesel prices have recorded an upswing since January 6, 2021, after staying unchanged for almost a month. The fuel prices have increased amid a rally in global crude oil prices, with Covid-19 vaccination drives continuing across the world.
Oil marketing companies – Bharat Petroleum, Indian Oil Corporation, as well as Hindustan Petroleum align the rates of domestic fuel with the global benchmarks, by taking into account any alterations in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
Meanwhile, oil prices settled near 13-month highs on Tuesday, supported by a deep freeze in the U.S. South that shut wells and oil refineries in Texas. The U.S. West Texas Intermediate (WTI) crude futures settled up 1 per cent to $60.05, after touching their highest since early January 2020. Brent settled up 5 cents, or 0.1 per cent, to $63.35 a barrel, near the 13-month peak reached the previous session.
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