Petrol and diesel price today: The rates of petrol and diesel remained steady across the country on Tuesday, March 15, 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.
In India, the auto fuel prices have not changed in over four months despite the steep rise in global crude oil prices that breached the three-figure mark and touched multi-year highs triggered by the fallout of the Russia-Ukraine conflict earlier this month.
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.
Petrol and diesel prices in the country 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, crude oil prices extended losses on Tuesday, sliding to a two-week low as ceasefire talks between Russia and Ukraine eased fears of further supply disruptions and surging Covid-19 cases in China fuelled concerns about slower demand, news agency Reuters reported.
Brent futures dropped $4.74 (4.4 per cent) to $102.16 a barrel by 0445 GMT after tumbling by more than $6 to $100.05 earlier in the session. US West Texas Intermediate (WTI) crude fell below $100 level for the first time since March 1, dropping $4.58 (4.2 per cent) to $98.43 a barrel. It fell to as low as $96.70 earlier in the session, the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Tuesday, March 15, 2022:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|