Petrol, Diesel Price Today: Petrol price today in India remained unchanged, while diesel price was also kept unchanged across the nation on the day. Petrol prices in cities such as New Delhi, Kolkata, Mumbai, Chennai, and Bangalore will remain static on March 19, 2022 despite oil prices remaining high. As a result of the Russia-Ukraine conflict, crude oil and gas prices are expected to stay high, potentially increasing inflationary tensions. As a result, oil-market corporations are expected to raise fuel prices, which have been steady since November.
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.
In Chennai, a litre of petrol is priced at Rs 101.40. On Tuesday, the price of a litre of diesel was Rs 91.43 per litre. Petrol in Kolkata costs Rs 104.67 per litre while diesel costs Rs 101.56 a litre.
In Delhi, fuel is relatively cheaper than the rest of the metros because the state government had earlier decided to reduce the Value-Added Tax (VAT) on petrol, bringing down the price of the fuel in the city by about Rs 8 per litre.
Earlier, the petrol price in Delhi was higher as compared to the NCR cities in Uttar Pradesh and Haryana, where the state governments had announced a VAT cut following the Centre reducing the excise duty on fuel prices.
Oil prices settled higher on Friday, but posted a second straight weekly loss, after a volatile trading week with no easy replacement for Russian barrels in a tight market. Brent crude futures settled up $1.29, or 1.2 per cent, to $107.93 a barrel, a day after surging nearly 9 per cent in the biggest daily percentage gain since mid-2020. US West Texas Intermediate (WTI) crude futures settled up $1.72, or 1.7 per cent, at $104.70 a barrel, adding to the previous session’s 8 per cent jump. Both benchmark contracts ended the week down around 4 per cent, after trading in a $16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit-taking since then.
Oil prices have a considerable influence on the consumer price index (CPI), which is the most generally used indicator of inflation, therefore an increase in crude oil prices will drive inflation and significantly impede economic development. The overall index of the CPI was 6.07 per cent in February, 0.2 per cent higher than in January.
“For India, the main implications of this trajectory of Brent crude prices are on CPI inflation and the current account. CPI inflation rose to 6.07 per cent YoY in Feb’22 broadly in line with our expectations, and will likely stay close to those levels in Mar-Apr’22 amid the elevated Brent crude oil prices, but will moderate sharply in the Jul-Sep’22 quarter as additional global supplies cause Brent crude oil prices to decline,” ICICI Securities has said in a research report.
Check out the Petrol and Diesel Prices Across Major Cities in India on March 18, 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 104.68 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
Bengaluru
Petrol – Rs 100.58 per litre
Diesel – Rs 85.01 per litre
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