Petrol and diesel prices in your city today, check here

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.

Petrol and diesel 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.

Fuel prices across key cities were collectively last revised on November 4, 2021, when the central government cut the excise duty on petrol and diesel 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 international market, crude oil prices extended their rally on Friday at the end of a third volatile week of trade after slim progress in peace talks between Russia and Ukraine raised the spectre of tighter sanctions and prolonged disruption to oil supply, news agency Reuters reported.

Brent crude futures jumped $2.75 (2.6 per cent) to $109.39 a barrel, after surging nearly 9 per cent on Thursday in the largest percentage gain since mid-2020. US West Texas Intermediate (WTI) crude futures climbed $2.93 (2.9 per cent) to $105.91 a barrel, adding to an 8 per cent jump on Thursday, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Friday, March 18, 2022: