Petrol, Diesel Prices Today: Fuel prices remained unchanged across metro cities on Wednesday, March 2, 2022. This is the longest duration when the rates have remained static, ever since the daily revision of prices began in June 2017.
The central government had cut excise duty on November 4, 2021, to give relief from prices that had reached an all-time high levels. The government had slashed the duty on petrol by Rs 5 per litre and on diesel by Rs 10 a liter, leading to a substantial reduction in prices of fuel.
Later in December 2021, the Delhi government had reduced the 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 liter.
A liter of petrol costs Rs 95.41 in Delhi, while diesel rates stand at Rs 86.67 per litre. In Mumbai, petrol is retailed at Rs 109.98 per litre, while diesel is being sold at Rs 94.14 per litre. Among the metro cities, fuel rates are still the highest in Mumbai. Fuel prices vary across the states due to value-added tax or VAT. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City).
Here are the petrol and diesel price across the metro cities:
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and, the domestic petrol and diesel prices are linked to international rates. But for the last over three months, despite a spurt in international oil prices, petrol and diesel rates have not been changed ahead of elections in crucial states like Uttar Pradesh and Punjab.
Globally, oil prices rose as sanctions on Russian banks following Moscow’s invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market. Brent crude futures climbed $3.55, or 3.4 per cent, to $108.52 a barrel, scaling highs not seen since July 2014. US West Texas Intermediate (WTI) crude futures were up $3.75, or 3.6 per cent, to $107.16.