Petrol and diesel price today: Prices of petrol and diesel remained unchanged across the country on Thursday, March 17, 2022.
The price of petrol in Delhi stands at Rs 95.41 per litre while that of diesel is at Rs 86.67. In Mumbai, petrol currently costs Rs 109.98, while diesel is retailing at Rs 94.14, data available on Indian Oil Corporation’s website showed.
Fuel prices in India have not changed in over four months despite a spike in the global crude oil prices that breached the three-figure mark and touched multi-year highs earlier this month amid the fallout of the Russia-Ukraine conflict.
The prices across key cities were collectively last revised on November 4, 2021, when the central government cut the excise duty on the two key fuels to bring down their retail rates from their record highs and had urged state governments to cut VAT on fuel. Thereafter, various states had reduced VAT on auto fuels.
In India, petrol and diesel prices differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.
The oil marking companies (OMCs) generally revise rates of petrol and diesel on a daily basis, based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.
In the global market, oil prices climbed on Thursday after the International Energy Agency (IEA) said markets could lose three million barrels per day (bpd) of Russian crude and refined products from April, news agency Reuters reported.
Benchmark Brent crude futures gained $1.8 (1.9 per cent) to $99.86 a barrel by 0408 GMT, after falling for three consecutive trading sessions. US West Texas Intermediate (WTI) crude was up $1.6 (1.7 per cent) to $96.67 a barrel, the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Thursday, March 17, 2022:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|