Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.
Petrol, Diesel Prices Today: The petrol and diesel prices were unchanged for the third straight day, on Friday, February 26. In Delhi, the price of petrol was steady at Rs 90.93 per litre and diesel was untouched at Rs 81.32 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. Meanwhile, in Mumbai, the petrol and diesel rates remained at Rs 97.34 per litre and Rs 88.44 per litre respectively. Currently, among the four metro cities, the fuel rates are the highest in Mumbai. (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 | 90.93 | 81.32 |
| Mumbai | 97.34 | 88.44 |
| Chennai | 92.90 | 86.31 |
| Kolkata | 91.12 | 84.20 |
| 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 coronavirus vaccination drives 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 changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
Meanwhile, oil prices were mixed on Thursday with U.S. crude edging up to its highest close since 2019 as Texas refineries restarted production after last week’s freeze, while brent eased on worries that four months of gains will prompt producers to boost output.
Brent futures for April delivery fell 16 cents, or 0.2 per cent, to settle at $66.88 a barrel. The April Brent contract expires on Friday. U.S. West Texas Intermediate (WTI) crude, meanwhile, ended 31 cents, or 0.5 per cent, higher at $63.53, its highest close since May 2019.