Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.
Petrol, Diesel Prices Today: Petrol and diesel prices touched new all-time highs across the four metros on Thursday, February 18, after oil marketing companies increased the rates by around 25 paise for the tenth straight day. In Delhi, the price of petrol was hiked by 34 paise from Rs 89.54 per litre to Rs 89.88 per litre, and diesel was increased by 32 paise from Rs 79.95 per litre to Rs 80.27 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. Meanwhile, in Mumbai, the revised petrol and diesel rates stood at Rs 96.32 per litre and Rs 87.32 per litre respectively. Currently, the fuel rates are the highest in Mumbai, among all the four metros. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City)
Here are the current prices of petrol and diesel (in rupees per litre):
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 89.88 | 80.27 |
| Mumbai | 96.32 | 87.32 |
| Chennai | 91.98 | 85.31 |
| Kolkata | 91.11 | 83.86 |
| Source: Indian Oil | ||
Petrol and diesel prices have recorded an upswing since January 6, 2021, after staying unchanged for almost a month. The fuel prices have increased amid a rally in global crude oil prices, with Covid-19 vaccination drives continuing across the world.
Oil marketing companies – Bharat Petroleum, Indian Oil Corporation, as well as Hindustan Petroleum align the rates of domestic fuel with the global benchmarks, by taking into account any alterations in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
Meanwhile, oil prices gained more than $1 a barrel on Wednesday, as frigid Texas temperatures shut production across the largest U.S. crude producing state, with the unusually cold weather expected to hamper output for days or even weeks.
Brent crude settled at $64.34 a barrel, gaining 99 cents, or 1.6 per cent, while U.S. West Texas Intermediate (WTI) crude settled at $61.14 a barrel, rising $1.09, or 1.8 per cent. Both benchmarks were at their highest levels since January last year.