Fuel Prices: Domestic petrol and diesel prices vary across states due to value added tax (VAT).
Petrol and diesel prices were kept unchanged across the four metro cities for the fifth day in a row by the country’s biggest state-run oil refiner Indian Oil. Petrol prices were last increased on Saturday, February 27, by 24 paise per litre in national capital of Delhi to an all-time high of Rs 91.17. Currently, the highest fuel prices are in Mumbai where petrol is being sold at Rs 97.57 per litre and diesel at Rs 88.60 per litre, according to Indian Oil. Reports have suggested that in parts of Rajasthan, petrol prices have crossed Rs 100 mark for the first time.
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 91.17 | 81.47 |
| Mumbai | 97.57 | 88.60 |
| Chennai | 93.11 | 86.45 |
| Kolkata | 91.35 | 84.35 |
| Source: Indian Oil | ||
Oil marketing companies – Bharat Petroleum, Indian Oil Corporation, and Hindustan Petroleum align the rates of domestic fuel with the global benchmarks, by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am each day. Fuel prices in the country have witnessed a hike since January 2021 due to a rally in global crude oil prices.
Meanwhile, oil prices rose more than 2 per cent on Wednesday, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet this week.
Brent crude rose $1.37, or 2.2 per cent, to settle at $64.07 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.53, or 2.6 per cent, to settle at $61.28 a barrel.