Fuel Prices on March 11: Petrol, diesel prices today in Mumbai, Delhi, Chennai & other cities

It is feared that the Russia-Ukraine war will spill over into India’s retail fuel prices soon.(Representative image)

Petrol and diesel prices remained unchanged on March 11 in Delhi, Mumbai, Kolkata, and Chennai, a notification issued by state-owned fuel retailers showed.

But, there is a price reshuffle in cities like Noida and Lucknow, Gurugram, Jaipur and Patna, News18 reported.

Delhi had reduced the local sales tax, or the value-added tax (VAT), on petrol from 30 to 19.4 percent from December 1 midnight, bringing down the price by around Rs 8 to Rs 95.41 per litre.

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Petrol in Delhi costs Rs 95.41 while diesel costs Rs 86.67 per litre. In Kolkata, petrol and diesel prices remained at Rs 104.67 and Rs 89.79.In Chennai, petrol now costs Rs 101.40 and diesel is sold at Rs 91.43.

A rally drives oil prices to their highest in almost a decade

Last week's rally has driven oil prices to their highest in almost a decade. As supplies from top exporter Russia, which ships more than seven million barrels per day (bpd), are disrupted by sanctions after its invasion of Ukraine, high oil prices have spooked equity markets.

On March 10, Brent futures fell $1.81, or 1.6%, to settle at $109.33 a barrel after gaining as much as 6.5% earlier in the session. U.S. West Texas Intermediate (WTI) crude fell $2.68, or 2.5%, to settle at $106.02 a barrel, giving up over 5.7% of intraday gains.

Brent crude futures on March 9 settled down $16.84, or 13.2%, at $111.14 a barrel, their biggest one-day decline since April 21, 2020. U.S. crude futures ended down $15.44, or 12.5%, at $108.70, their biggest daily decline since November.

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Global oil prices fell by the most in nearly two years after OPEC member the United Arab Emirates said it supported pumping more oilinto a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine.

The major impact of the Russia-Ukraine conflict is likely to continue. US President Joe Biden banned imports of Russian oil on March 8 to punish Moscow for its invasion of Ukraine as desperate civilians fled besieged cities and fresh fighting raged.

The hostility between Russia and Ukraine, along with sustained demand, is expected to take global crude oil prices even higher in the short term.