Fuel prices on April 8: Petrol, diesel prices today in Mumbai, Delhi, Chennai & other cities

India imports more than 80 percent of oil requirement. (Representative Image)

The prices of petrol and diesel have remained steady for the second day in a row, on April 8. This is the fourth time in the last 18 days that fuel prices remain unchanged. Since March 22, fuel prices over 14 revisions increased by Rs 10 per litre.

According to a price notification of state 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.

Here is how petrol and diesel prices are calculated in India. Also, know how much of it is tax.

137-day freeze on petrol and diesel rates ended on March 21

After 137 days of remaining unchanged, fuel prices were increased on March 22. The oil marketing companies (OMCs) started to increase retail fuel prices after four months as international crude oil prices have soared.

The first increase in petrol and diesel prices this year, announced on March 22 was the first hike in 137 days. From November 3, 2021 until March 22, there had been a freeze on fuel prices due to the central government's excise duty cut of Rs 5 a litre on petrol and Rs 10 a litre on diesel and many states also lowering state tax.

Also Read: India in a better position to deal with crude oil price rise: Michael Dommermuth, head Asia, Manulife

Though these measures both by the centre and the state provided relief to customers against the soaring international crude oil prices, it was widely anticipated that there would be a revision in fuel prices after the results for the recent state assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur were out on March 10.

Increase in crude oil prices likely to keep retail fuel prices high

Supply crunch after sanctions on Russia, dwindling oil stockpiles, and worries about a surge of COVID-19 in China hitting demand, drove the oil rally over the last six weeks.

Brent crude which traded as high as $139 per barrel on March 7 and as low as $98 per barrel on March 15, settled at $100.58 a barrel on April 7.

Hostilities between Russia and Ukraine, along with sustained demand, is expected to keep global crude oil prices high for some more time. This is likely to have further impact on India as it imports more than 80 percent of oil requirement.

Also Read: Explained: The curious case of bulk prices being higher than retail for diesel

JP Morgan earlier in its report said for OMCs to revert to normalised marketing margins, retail prices need to increase by Rs 9 a litre or 10 per cent.