Current gasoline and diesel prices: Fuel prices did not change in metro cities on Thursday, March 17, 2022. This is the longest period when tariffs have been stagnant since the start of the daily price review in June 2017.
The center cut special taxes on Nov. 4, 2021, to alleviate prices that had reached all-time highs. The government reduced Rs 5 per liter for petrol and Rs 10 per liter for diesel, leading to a significant reduction in fuel prices.
Later, in December 2021, the Delhi government reduced the value added tax (VAT) on gasoline from 30 percent to 19.40 percent. As a result, petrol prices fell by Rs 8.56 per liter.
A liter of petrol costs Rs 95.41 per liter, and the price of diesel is Rs 86.67 per liter. In Mumbai, gasoline sells for Rs 109.98 per liter and diesel for Rs 94.14 per liter. Among metro cities, fuel rates are still the highest in Mumbai. Fuel prices vary between states due to VAT. (Also Read: How to check the latest petrol and diesel rates in your city).
Here is the price of petrol and diesel in metro cities:
State oil refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum review fuel rates on a daily basis, taking into account crude oil prices in international markets and rupee-dollar exchange rates. All changes in gasoline and diesel prices are set daily from 6 p.m.
India is dependent on 85 per cent of imports to meet oil needs and domestic gasoline and diesel prices are tied to international rates. Diesel and diesel prices have remained stable for more than four months despite rising oil prices.
Compared to static fuel rates, the price of aircraft fuel or turbine fuel (ATF) rose by 18.32 per cent to Rs 1,10,666.26 per kiloliter (kl).
Globally, crude oil has risen today as the International Energy Agency (IEA) said that falling oil demand due to high prices will not offset the shutdown of Russia’s oil supply, but not enough to offset the previous day’s decline. Crude Brent futures rose about 66 cents, or 0.67 percent, to $ 98.68 a barrel, compared to a peak of $ 129.30 last. U.S. West Texas Intermediate (WTI) crude rose 84 cents, or 0.86 percent, to $ 95.86 a barrel, up from a high of $ 124.58 earlier this month.