Petrol, Diesel Prices Today: Fuel prices were unchanged for the sixth consecutive day on Tuesday across metro cities after being hiked 14 time in 21 days. In Delhi, a litre of petrol costs Rs 105.41, while diesel is sold at Rs 96.67 per litre.
In Mumbai, petrol is retailed at Rs 120.51 per litre, while diesel is sold at Rs 104.77 per litre. Fuel prices are the highest in Mumbai among all four metro cities. The prices vary across the states due to value-added tax (VAT).
Fuel rates were held steady for over four months despite the spike in crude oil prices. In all, petrol and diesel prices have gone up by Rs 10 per litre, respectively, after 14 rate revisions.
(Also Read: How To Check Latest Petrol And Diesel Rates In Your City).
Here are the petrol and diesel price across the metro cities:
Moody's Investors Services had stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.
The rates were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and, the domestic petrol and diesel prices are linked to international rates.
Globally, oil futures rose today, reversing sharp losses from the prior day, as the market weighed the potential for more sanctions on Russia's energy sector and OPEC warned it would be impossible to increase output enough to offset lost supply. Brent crude futures were up 85 cents, 0.9 per cent, to $99.33 a barrel, and U.S. West Texas Intermediate contracts were up $1.04, or 1.1 per cent, to $95.33 a barrel.
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