Petrol, Diesel Prices Today: Fuel rates remained unchanged across metro cities on Friday, March 11. The prices have remained static for over 120 days even as international crude oil prices rose during the day after a steep drop in a volatile previous session.
Uncertainty over where and when supply will come from to replace crude from the world’s second-largest exporter Russia in a tight market has led to wide-ranging forecasts for oil prices between $100 and $200 a barrel.
Meanwhile, this is the longest duration for which rates have remained firm in India, ever since the daily revision of prices began in June 2017. However, now there are speculations that fuel prices may rise by Rs 12 to Rs 15 per litre as assembly elections have ended in Uttar Pradesh, Uttarakhand, Punjab, Goa, and Manipur. There are chances that they may rise after results are announced yesterday.
In Delhi, petrol costs Rs 95.41 a litre while the rate of diesel was Rs 86.67 per litre. In Mumbai, petrol can be bought at Rs 109.98 per litre and diesel costs Rs 94.14 for one litre.
Meanwhile, Petrol in Kolkata costs Rs 104.67 per litre while diesel costs Rs 101.56 a litre. The price of petrol in Chennai has remained steady today at Rs 101.40 per litre, while the price of diesel has remained unchanged at Rs 91.43 per litre.
States and cities have different fuel prices, this is because of the value-added taxes or VAT, local and freight charges, which vary from one place to another. The price of petrol and diesel also depends on crude oil prices across the global markets, and the rupee-dollar exchange rates.
The central government had cut excise duty on November 4, 2021, to give relief from prices that had reached an all-time high level. The government had slashed the duty on petrol by Rs 5 per litre and on diesel by Rs 10 a litre, leading to a substantial reduction in prices of fuel.
Later in December 2021, the Delhi government had reduced value-added tax on petrol from 30 per cent to 19.40 per cent. With this, petrol prices in the national capital were slashed by Rs 8.56 per litre.
Oil prices rose on Thursday following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine.
Brent crude futures were up $3.10, or 2.8 per cent, at $114.24 a barrel at 0419 GMT after trading in a more than $5 range. The benchmark contract slumped 13 per cent in the previous session in its biggest one-day drop in nearly two years. U.S. West Texas Intermediate (WTI) crude futures were up $1.58, or 1.5 per cent, at $110.28 a barrel, after trading in a more than $4 range. The contract had tumbled 12.5 per cent in the previous session in the biggest daily decline since November.
Check out the Petrol and Diesel Prices Across India on March 9, 2022
Mumbai
Petrol – Rs 109.98 per litre
Diesel – Rs 94.14 per litre
Delhi
Petrol – Rs 95.41 per litre
Diesel – Rs 86.67 per litre
Chennai
Petrol – Rs 101.40 per litre
Diesel – Rs 91.43 per litre
Kolkata
Petrol – Rs 104.67 per litre
Diesel – Rs 89.79 per litre
Bhopal
Petrol – Rs 107.23 per litre
Diesel – Rs 90.87 per litre
Hyderabad
Petrol – Rs 108.20 per litre
Diesel – Rs 94.62 per litre
Bangaluru
Petrol – Rs 100.58 per litre
Diesel – Rs 85.01 per litre
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