Petrol and diesel prices remained unchanged across metro cities on Tuesday, March 15, 2022. Petrol prices in cities such as New Delhi, Kolkata, Mumbai, Chennai, and Bangalore will remain constant today. It is worth mentioning that the prices have remained static for over four months despite international crude oil prices having risen to more than $100 a barrel as major crude producers pledged to plug the supply gap from the escalating Russia-Ukraine conflict. However, now there is speculation that fuel prices may see a substantial hike. There are chances that OMCs may increase city-wise prices soon.
The ministry of petroleum and natural gas yesterday said that India is ready to take all appropriate action, as deemed fit, to mitigate market volatility and calm the rise in crude oil prices.
"The geopolitical situation between Russia and Ukraine has resulted in a steep increase in global crude oil and gas prices. "Union minister of state Rameshwar Teli said that the government of India is closely monitoring global energy markets as well as potential energy supply disruptions as a fall-out of the evolving geopolitical situation."
"The government of India is ready to take all appropriate action, as deemed fit, to mitigate market volatility and calm the rise in crude oil prices," he added.
In Delhi, petrol costs Rs 95.41 a litre while the rate of diesel is Rs 86.67 per litre. In Mumbai, petrol can be bought at Rs 109.98 per litre and diesel costs Rs 94.14 per litre.
In Chennai, a litre of petrol is priced at Rs 101.40. On Tuesday, the price of a litre of diesel was Rs 91.43 per litre. Petrol in Kolkata costs Rs 104.67 per litre while diesel costs Rs 101.56 a litre.
In Delhi, fuel is relatively cheaper than in the rest of the metros because the state government had earlier decided to reduce the Value-Added Tax (VAT) on petrol, bringing down the price of fuel in the city by about Rs 8 per litre.
Earlier, the price of petrol in Delhi was higher as compared to the NCR cities in Uttar Pradesh and Haryana, where the state governments had announced a VAT cut following the Centre reducing the excise duty on fuel prices.
The Centre had, on the eve of Diwali, announced an excise duty cut on fuels, resulting in a sharp decrease in petrol and diesel prices across the country. The government had cut the price of petrol by Rs 5 and that of diesel by Rs 10. Following this decision, several states, mostly ruled by the National Democratic Alliance (NDA) and allies, have also cut the Value Added Tax (VAT) on petrol and diesel prices. Opposition-ruled Punjab and Rajasthan also followed the cue to announce the biggest reduction in petrol prices.
Oil prices slid to a two-week low on Tuesday on continued ceasefire talks between Russia and Ukraine and concerns about demand in China after a surge in COVID-19 cases. Brent futures dropped $4.20, or 3.9 per cent, to $102.70 a barrel by 0125 GMT, after falling 5.1 per cent the previous day. U.S. West Texas Intermediate (WTI) crude fell below the $100 level for the first time since March 1, dropping $4.30, or 4.2 percent, to $98.71 a barrel. That followed a 5.8 percent tumble the previous day.
Check out the Petrol and Diesel Prices Across India on March 9, 2022.
Petrol - Rs 109.98 per litre
Diesel - Rs 94.14 per litre
Petrol - Rs 95.41 per litre
Diesel - Rs 86.67 per litre
Petrol - Rs 101.40 per litre
Diesel - Rs 91.43 per litre
Petrol - Rs 104.67 per litre
Diesel - Rs 89.79 per litre
Petrol - Rs 107.23 per litre
Diesel - Rs 90.87 per litre
Petrol - Rs 108.20 per litre
Diesel - Rs 94.62 per litre
Petrol - Rs 100.58 per litre
Diesel - Rs 85.01 per litre