Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.
Petrol, Diesel Rates Today: Petrol and diesel prices remained unchanged across the metros on Thursday, i.e. January 21, after touching new highs on Tuesday. In the national capital, the price of petrol was unchanged at Rs 85.20 per litre and diesel was steady at Rs 75.38 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol and diesel prices remained constant at Rs 91.80 per litre and Rs 82.13 per litre respectively. (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 | 85.20 | 75.38 |
| Mumbai | 91.80 | 82.13 |
| Chennai | 87.85 | 80.67 |
| Kolkata | 86.63 | 78.97 |
| Source: Indian Oil | ||
Oil marketing companies – Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum align the prices of domestic fuel with global benchmarks, by taking into account changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day. The fuel prices vary from state to state in the country due to the value-added tax or VAT.
Meanwhile, oil edged higher on Wednesday on expectations that U.S. President Joe Biden’s administration will deliver hefty pandemic-related economic stimulus that will lift fuel demand and enact policies that will tighten crude supply.
Brent crude settled at $56.08 a barrel, gaining 18 cents. U.S. West Texas Intermediate (WTI) crude settled at $53.24 a barrel, climbing 26 cents.