Finance
Today’s Petrol and Diesel Prices: For the 25th consecutive day, fuel prices remained unchanged across the four metros on May 1, 2022. Petrol is currently priced at ₹105.41 per litre in the national capital, while diesel is priced at ₹96.67 per litre.
In Mumbai, petrol costs 120.51 rupees per litre and diesel costs 104.77 rupees per litre. Mumbai has the highest fuel prices among metro cities.
Between November 4, 2021 and March 22, 2022, petrol and diesel prices remained stable after the central government reduced excise duty by ₹5 and ₹10 per litre, respectively.
During this time, global crude oil prices rose due to the Russia-Ukraine conflict, but in India, fuel prices remained unchanged as assembly elections were held in key states such as Uttar Pradesh, Punjab, Uttarakhand, Goa, and Manipur.
However, after a series of price increases beginning on March 22, fuel prices have remained stable for the past 25 days, despite the fact that Brent crude prices have continued to rise to remain above $100 per barrel.
Meanwhile, there was a political tug of war last week between the Centre and states after Prime Minister Narendra Modi called for a reduction in the value-added tax (VAT) on petrol and diesel prices set by state governments in order to relieve people of high fuel prices.
Many states, particularly those ruled by opposition parties, turned down the request. Instead, they urged the central government to reduce the cess imposed by the Centre.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise fuel prices on a daily basis, taking into account international crude oil prices and rupee-dollar exchange rates. Any changes in petrol and diesel prices take effect at 6 a.m. every day.
India relies on imports for 85 percent of its oil needs, and domestic petrol and diesel prices are linked to international rates.
Meanwhile, Brent crude futures were at $107 on April 30, as the Russia-Ukraine conflict entered its third month and crude oil prices across all baskets remained high due to supply constraints.
