Prices of petrol and diesel remained steady for the seventh day in a row on April 13. Since March 22, rates of petrol and diesel have increased Rs 10 per litre each via 14 revisions.
According to a price notification from 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 Rs 115.12 per litre and diesel Rs 99.83 per litre.
A report on April 12 stated that the current domestic retail fuel prices are benchmarked to international oil prices at $95 per barrel. With Brent crude oil prices close to $100 per barrel for the past week, domestic fuel prices could freeze again for some time.
On a daily basis, oil marketing companies (OMCs) adjust the rates of petrol and diesel depending on the average price of benchmark fuel in the worldwide market over the previous 15 days and foreign exchange rates. Every day at 6 am, any changes in petrol and diesel prices take effect. Here is how petrol and diesel prices are calculated in India. Also, know how much of it is tax.
Hike after four and a half months
From November 3, 2021 until March 22, 2022, there had been a freeze on fuel prices despite the spike in international crude oil prices after 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.
This triggered speculation that the freeze was due to assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur. It was widely anticipated that fuel prices at the pump would increase after the results were out on March 10.
The OMCs started to increase retail prices of petrol and diesel from March 22.
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