Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.
Petrol, diesel prices today: Petrol and diesel prices were left unchanged across the four metros on Wednesday, May 26. In the national capital, petrol prices remained constant at Rs 93.44 per litre and diesel prices were steady at Rs 84.32 per litre, according to Indian Oil Corporation. Petrol and diesel rates are the highest in Mumbai. The petrol prices stood at Rs 99.71 per litre and diesel rates were Rs 91.57 per litre in the financial capital. The petrol rates have already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and the price in Mumbai is also inching towards the Rs 100-mark. Fuel rates vary across the states in the country due to value-added tax or VAT. Notably, petrol and diesel rates have been hiked 12 times since May 4. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)
Below are the latest petrol and diesel prices across four metro cities:
The state-run oil marketing companies including Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum align the rates of domestic fuel with that of global crude oil prices by taking into account changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
Meanwhile, oil prices moved a shade higher on Tuesday as rising demand from the approach of the Northern Hemisphere’s summer driving season and lifting of coronavirus restrictions mixed with worries that Iran’s possible return to the market will cause a supply glut.
Brent futures rose 19 cents, or 0.3 per cent, to settle at $68.65 a barrel, while U.S West Texas Intermediate (WTI) crude rose 2 cents to settle at $66.07.