Finance
Fuel prices were unchanged for the 15th consecutive day on Thursday across metro cities. The rates were last hiked by 80 paise per litre on April 6, the 14th increase since March 22, which made petrol and diesel costlier by ₹ 10 a litre, respectively.
In Delhi, a litre of petrol costs ₹ 105.41, while the diesel rate stands at ₹ 96.67 per litre.
In Mumbai, petrol is retailed at ₹ 120.51 per litre, while diesel is sold at ₹ 104.77 per litre.
Petrol now costs ₹ 110.85 and ₹ 115.12, while diesel price stands at ₹ 100.94 and ₹ 99.83 in Chennai and Kolkata, respectively.
Fuel prices are the highest in Mumbai among all four metro cities. The rates vary across states due to the value-added tax (VAT).
Fuel rates were held steady for over four months despite the spike in crude oil prices.
The prices were kept on hold amid the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
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.
Fitch Ratings has said, IOC, BPCL and HPCL may suffer marketing losses in January-March 2022 quarter for holding petrol and diesel prices despite a rise in cost.
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, oil prices firmed today as concerns about supply due to a potential European Union (EU) ban on Russian oil came to the fore, days after diminished supplies from Libya rocked the market. Brent crude futures rose 1.10 per cent, to $107.99 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 1.05 per cent, to $103.27 a barrel.
