Prices of petrol and diesel have remained steady for 40 days now. Since the end of a four-and-a-half-month long hiatus in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 per litre each via 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each.
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.
In Mumbai, petrol and diesel prices per litre are at Rs 120.51 and Rs 104.77 respectively. In Chennai, petrol costs Rs 110.85 per litre and diesel Rs 100.94 per litre. In Kolkata, petrol is at Rs 115.12 per litre and diesel Rs 99.83 per litre.
The OMCs started to increase retail prices of petrol and diesel from March 22. In March, petrol and diesel prices were hiked Rs 6.40 per litre each. And, in April so far, they were raised by Rs 3.60 per litre each. So, there is a net increase of Rs 10 per litre each.
India is 80% dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement in crude prices. On a daily basis, oil marketing companies (OMCs) adjust the rates of petrol and diesel depending on the average price of benchmark fuel in the worldwide market over the previous 15 days and foreign exchange rates. Every day at 6 am, any changes in petrol and diesel prices take effect. Here is how petrol and diesel prices are calculated in India. Also, know how much of it is tax.
Oil prices slipped on May 16, giving up earlier gains as investors took profits after a surge in the previous session, but global supply fears loomed with the European Union preparing to phase in a ban on imports from Russia.
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Brent crude futures were down 64 cents, or 0.6%, at $110.91 a barrel at 0137 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 60 cents, or 0.5%, to $109.89 a barrel.
Indian Oil Corporation (IOC) hiked jet fuel prices by 5 percent to Rs 1.23 lakh/kl in Delhi on May 16.
The Indraprastha Gas Limited (IGL) on May 15 hiked the price of Compressed Natural Gas (CNG) by ₹ 2 per kg in Delhi-NCR.
With the latest hike, CNG is now priced at ₹ 73.61 per kg in Delhi, ₹ 76.17 per kg in Noida, and ₹ 81.94 in Gurugram.
