Petrol and diesel prices were unchanged on March 7, remaining stagnant for over 120 days, in the country's four metros, but prices in several other cities changed.
There is a price reshuffle in cities like Noida, Gurugram, Jaipur and Lucknow, News18 reported. While petrol and diesel prices have increased in Gurugram and Lucknow, the price has come down in Noida.
In Gurugram petrol is Rs 95.72 and diesel Rs 86.93 per litre; Noida petrol Rs 95.36 and diesel Rs 86.87 per litre; Jaipur petrol Rs 106.73 and diesel Rs 90.40 per litre; Lucknow petrol Rs 95.33 and diesel Rs 86.85 per litre.
In Mumbai, a cut on November 4 reduced the price of petrol to Rs 109.98 a litre, which remains unchanged. Diesel is at Rs 94.14 a litre.
The last rate cut was in Delhi when it 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. Petrol sold at Rs 101.40 and diesel at Rs 91.43 in Chennai.
Petrol & Diesel Rates Mar 31, 2023
A rally drives oil prices to their highest in almost a decade
The last week's rally has driven oil prices to their highest in almost a decade with no signs of abating. As supplies from top exporter Russia, which ships more than 7 million barrels per day (bpd), are disrupted by sanctions after its invasion of Ukraine, high oil prices have spooked equity markets.
Oil surged throughout the week as the United States and allies heaped sanctions on Russia. Brent futures, a global benchmark for crude oil prices, spiked to almost $120 a barrel on March 3 as the market restricted purchases of Russian crude oil.
Brent crude broke above the $100 last week for the first time since 2014 and hit $119.84 on March 3, its highest since 2012, and WTI surpassed $116, a level not seen since 2008, before pulling back.
On Mach 4, Brent crude settled at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $8.01, or 7.4%, to end at $115.68.
Also Read: Russia running out of oil customers
The major impact of the Russia-Ukraine conflict is likely to continue. The Biden administration, under pressure from lawmakers from both major parties, said it is considering options for cutting U.S. imports of Russian oil even as it tries to minimise the impact on global supplies and on consumers.
The hostility between Russia and Ukraine, along with sustained demand, is expected to take global crude oil prices even to the range of $130 per barrel in the short term.