Petrol And Diesel Prices Remain Unchanged Across Metro Cities

Petrol, Diesel Prices Today: Fuel prices remained unchanged across the four metros on May 1, 2022 for the 25th consecutive day. In the national capital, petrol is currently being sold at Rs 105.41 per litre while diesel is priced at Rs 96.67 per litre.

In Mumbai, petrol is selling at Rs 120.51 per litre and diesel is retailed at Rs 104.77 per litre. Among the metro cities, fuel prices are the highest in Mumbai.

Petrol and diesel prices were stable between November 4, 2021 and March 22, 2022 after the central government had reduced excise duty on them by Rs 5 and Rs 10 per litre respectively. During this period, global crude oil prices surged due to the Russia-Ukraine war, yet in India fuel rates were kept unchanged as assembly elections in crucial states of Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur were taking place.

However after regularly hiking the price from March 22 onwards, fuel rates have been steady since the last 25 days now, even as Brent crude prices have continuously risen to remain above $100 per barrel mark.

Meanwhile, last week there was a political tug of war between the Centre and states after Prime Minister Narendra Modi urged a cut in value-added tax (VAT) on petrol and diesel prices, which state governments set, to relieve people of high fuel rates.

Many states - especially those ruled by opposition parties - rejected that request. Instead, they urged the central government to cut the cess, which the Centre levies.

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. 

Meanwhile on April 30, Brent crude futures were at $107, as the Russia-Ukraine war entered its third month and crude oil prices across all baskets continue to remain high amid supply constraints.