Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.
Petrol, Diesel Prices Today: Petrol prices remained unchanged for the second straight day, on Monday January 25, after touching all-time highs in the national capital on Saturday. In the national capital, the price of petrol remained at Rs 85.70 per litre and diesel at Rs 75.88 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. Meanwhile, in Mumbai, the current petrol and diesel prices were Rs 92.28 per litre and Rs 82.66 per litre respectively. The current price of petrol is the highest ever in the national capital, and diesel is at a record high in Mumbai. (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 | 85.70 | 75.88 |
| Mumbai | 92.28 | 82.66 |
| Chennai | 88.29 | 81.14 |
| Kolkata | 87.11 | 79.48 |
| Source: Indian Oil | ||
Petrol and diesel rates were hiked in all four metro cities four times in the last week. After staying unchanged for almost a month, the rates recorded an upswing since January 6, 2021. Fuel rates have increased amid a rally in global crude oil prices, with coronavirus vaccination drives beginning across the world.
Oil marketing companies – Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum align the prices of domestic fuel with global benchmarks, by taking into account any changes in the foreign exchange rates. Any alterations in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state across the country due to the value-added tax or VAT.
Meanwhile, on Friday, January 22, brent crude futures, the global oil benchmark, declined 1.99 per cent to $ 55.05 per barrel. The rupee secured a narrow escape from losses and gained two paise to settle at 72.97 against the US dollar on Thursday.
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