Petrol and diesel rates were kept unchanged across the four metro cities for the tenth consecutive day on Tuesday i.e. March 9. Indian Oil Corporation, the country's largest state-run oil refiner had last hiked the petrol prices more than a week ago, on February 27 to an all-time high of Rs 91.17 in the national capital. Since then, fuel rates have remained unchanged across all four metro cities. As of now, the highest fuel prices are in Mumbai where petrol is at Rs 97.57 per litre and diesel at Rs 88.60 per litre, according to Indian Oil Corporation.
Here are the current prices of petrol and diesel (in rupees per litre):
|Source: Indian Oil|
Oil marketing companies - Bharat Petroleum, Indian Oil Corporation, and Hindustan Petroleum align the rates of domestic fuel with the global benchmarks, by taking into account any changes in the foreign exchange rates. Any revisions in fuel rates are implemented with effect from 6 am each day. Also, the domestic petrol and diesel prices vary across states due to the value-added tax (VAT).
Fuel prices across the country have witnessed a hike since January 2021 due to a rally in global crude oil prices.
Meanwhile, oil prices settled lower on Monday, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the COVID-19 pandemic began.
Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since January 8, 2020. It settled down $1.12 or 1.6 per cent at $68.24. U.S. West Texas Intermediate (WTI) crude settled down $1.04 or 1.6 per cent at $65.05. The session high was $67.98 a barrel, its highest since October 2018.