Fuel Prices on April 24: Check petrol, diesel rates in Delhi, Mumbai, and other cities

Source: Reuters

Prices of petrol and diesel remained steady for the 18th day in a row on April 24. Since the end of a four-and-a-half-month hiatus in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 per litre each through 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each.

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 at Rs 115.12 per litre and diesel Rs 99.83 per litre.

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.  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.

As per a report published on April 12, 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 in the week, domestic fuel prices could freeze again for some time.

137-day freeze on fuel prices ended on March 22

From November 3, 2021 until March 22, 2022, there had been a freeze on fuel 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.

India is 80 percent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement in crude prices.

Meanwhile, Organization of the Petroleum Exporting Countries (OPEC+), which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more.

The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.