Petrol and diesel prices on March 16: Check fuel rates in your city today

Petrol price 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.

Auto fuel 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 international market, oil prices, which had traded lower early in the session on Wednesday, turned higher, with Russia’s invasion of Ukraine continuing to stoke volatile trade, news agency Reuters reported.

Global benchmark Brent crude rose 1.26 per cent to $101.17 per barrel, and US crude added 0.93 per cent to $97.34 per barrel, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Wednesday, March 16, 2022: