Petrol and diesel prices continue to remain steady for more than a month on Thursday, May 12. The fuel prices were increased by the Oil Marketing Companies (OMCs) by Rs 10 per litre in 14 hikes that took place between March and April 6. Across major cities, fuel prices have soared since the Assembly election concluded in Punjab, Manipur, Uttar Pradesh, Uttarakhand and Goa. Since April 6, the fuel prices have remained steady.
On Thursday, a litre of petrol in Delhi costs Rs 105.41 per litre, while a litre of diesel in the national capital retails Rs 96.67 per litre. In Mumbai, consumers of petrol will be paying Rs 120.51 per litre and Rs 104.77 for litre of diesel. A litre of petrol in Kolkata is being sold for Rs 115.12, while a litre of diesel in the capital city of West Bengal is costing Rs 99.83. In Chennai, petrol retail price stands at Rs 110.85 per litre while diesel retail price continues to be Rs 100.94 per litre.
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Revision of the fuel prices is done regularly by Public sector OMCs like Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd (HPCL), and Bharat Petroleum Corporation Ltd (BPCL). The price revisions made by the OMCs are influenced by factors like benchmark international crude oil prices and foreign exchange rates. Petrol and diesel price revisions made by these OMCs are implemented with effect from 6 am daily.
Fuel price revision varies from state to state since they are influenced by factors like local taxes, VAT (Value Added Tax), freight charges, among others. Meanwhile, international crude oil prices tumbled more than one percent on Thursday, according to Reuters. The drop in international crude oil prices signals a volatile week as economic concerns and recession fears persist in global financial markets, outweighing supply concerns and geopolitical tensions in Europe.
Reuters reports Brent crude futures slipped $1.25, or 1.2%, to $106.26 a barrel on Wednesday while WTI crude futures fell $1.24, or 1.2%, to $104.47 a barrel.
Petrol, Diesel Prices on Thursday, May 12, in Delhi, Chennai and Other Major Cities in India:
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Delhi Petrol – Rs 105.41 per litre Diesel – Rs 96.67 per litre
Mumbai Petrol – Rs 120.51 per litre Diesel – Rs 104.77 per litre
Kolkata Petrol – Rs 115.12 per litre Diesel – Rs 99.83 per litre
Chennai Petrol – Rs 110.85 per litre Diesel – Rs 100.94 per litre
Bhopal Petrol – Rs 118.14 per litre Diesel – Rs 101.16 per litre
Hyderabad Petrol – Rs 119.49 per litre Diesel – Rs 105.49 per litre
Bengaluru Petrol – Rs 111.09 per litre Diesel – Rs 94.79 per litre
Guwahati Petrol – Rs 105.66 per litre Diesel – Rs 91.40 per litre
Lucknow Petrol – Rs 105.25 per litre Diesel – Rs 96.83 per litre
Gandhinagar Petrol – Rs 105.29 per litre Diesel – Rs 99.64 per litre
Thiruvananthapuram Petrol – Rs 117.19 per litre Diesel – Rs 103.95 per litre
