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Fuel prices across the country witnessed a hike since January 2021 due to a rally in global oil prices.
Petrol and diesel prices were kept steady for thirteenth straight day on Friday across the four metro cities in the country. The state-run oil refiner Indian Oil had last raised fuel prices on 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 latest petrol and diesel prices across the four metros:
| 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.
Oil prices rose more than 2 per cent on Thursday on a weaker dollar and expectations that a crude glut would be short-lived due to a steep fall in U.S. fuel stocks and a resumption of operations by Texas refiners.
Brent crude oil futures for May settled up $1.73, or 2.6 per cent, to $69.63 a barrel while U.S. West Texas Intermediate crude for April ended the session $1.58 or 2.5 per cent higher, at $66.02.
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