Petrol and diesel prices remained unchanged for the 31st consecutive day on Saturday, May 7, 2022 across metro cities. In Delhi, a litre of petrol costs Rs 105.41, while the diesel rate stands at Rs 96.67 per litre.
Fuel prices were last raised by 80 paise per litre on April 6, marking the 14th increase since March 22 that made petrol and diesel costlier by Rs 10 a litre, respectively.
Currently, petrol is sold at Rs 120.51 per litre in Mumbai, while diesel is sold at Rs 104.77. Fuel prices are the highest in Mumbai among all the four metro cities.
Petrol costs Rs 110.85 in Chennai, while diesel is sold at Rs 100.94. In Kolkata, petrol is retailed at Rs 115.12 per litre and diesel is sold at Rs 99.83.
Earlier between November 4, 2021 and March 22, 2022 fuel rates were held steady despite the spike in global crude oil prices as assembly elections in politically crucial states like Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur were being held.
State-run oil refiners such as Indian Oil Corp, 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 fuel 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.
Globally, crude oil prices edged higher as Brent crude rose to $112.4 a barrel, while US West Texas Intermediate (WTI) crude rose to $109.8 a barrel in the previous session.