Petrol and diesel price today: Prices of petrol and diesel were hiked for the second consecutive day across the country on Wednesday, March 23, 2022. In the national capital, both petrol and diesel prices were raised by 80 paise each.
Following the latest price revision, petrol in Delhi is now retailing at Rs 97.01 a litre while diesel is selling at Rs 88.27. In the financial capital Mumbai, petrol price now stands at Rs 111.67 while diesel costs Rs 95.85, data available on Indian Oil Corporation’s website showed.
The daily revision in auto fuel prices resumed on Tuesday after a record 137-day hiatus. State-owned oil marketing companies (OMCs) kept the prices of both petrol and diesel unchanged since November 4, when the Centre announced a Rs 5 per litre cut in excise duty on petrol and a Rs 10 per litre cut in excise duty on diesel. The freeze in price revisions continued in the run-up to the Assembly elections in five states earlier this month.
The prices of both petrol and diesel are expected to rise further as crude oil prices have increased sharply due to the fallout of the Russia-Ukraine conflict. The price of Brent crude has increased by 40 per cent to $114.2 per barrel, up from $81.6 barrel when OMCs last revised fuel prices in November 2021. India imports about 85 per cent of its crude oil requirements.
The 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 turned higher on Wednesday, erasing losses from the previous session, after industry data showed US crude stocks fell last week, underlining how tight global supplies are amid the hit to Russian output from economic sanctions on Moscow, news agency Reuters reported.
Brent crude futures climbed $1.06 (0.9 per cent) to $116.54 a barrel, after falling 14 cents in the previous session. US West Texas Intermediate (WTI) crude futures rose 87 cents (0.8 per cent) to $110.14 a barrel, after losing 36 cents on Tuesday, the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Wednesday, March 23, 2022:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|