Petrol and diesel prices remained unchanged on March 9 in Delhi, Mumbai, and Kolkata, a notification issued by state-owned fuel retailers showed, with no change in rates for more than 100 days now.
However, there is a change of pricing in Chennai. In Chennai, petrol now costs Rs 101.40 and diesel is sold at Rs 91.43.
Also, there has been a price reshuffle in cities like Noida, Gurugram, Lucknow and Patna, News18 reported.
In Gurugram petrol is Rs 95.59 and diesel Rs 86.81 per litre; Noida petrol Rs 95.73 and diesel Rs 87.21 per litre; Lucknow petrol Rs 95.28 and diesel Rs 86.80 per litre; Patna petrol Rs 105.90 and diesel Rs 91.09.
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.
Petrol & Diesel Rates Mar 31, 2023
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.
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.
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 last week and on March 8 as the United States and allies heaped sanctions on Russia. Brent futures, a global benchmark for crude oil prices, reached $129 a barrel on March 8 as the market restricted purchases of Russian crude oil.
Also Read: Russia running out of oil customers
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.