Fuel Prices on March 15: Petrol, diesel prices today in Mumbai, Delhi, Chennai & other cities

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

Petrol and diesel prices remained unchanged on March 15 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, Lucknow, Gurugram, Patna and Jaipur, News18 reported.

Delhi 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. 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 drove 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.

Russia Ukraine News LIVE Updates

The street will closely watch the volatility in oil prices. International benchmark Brent crude futures were last down by $3.05 or 2.7% at $109.62 a barrel at 0351 GMT on March 14. U.S. West Texas Intermediate (WTI) crude futures eased $3.10 or 2.8% to $106.23 a barrel.

Crude remains an important factor for emerging markets, including India as the country imports more than 80 percent of oil requirement.

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.