Prices of petrol and diesel have remained steady for 37 days now. Since the end of a four-and-a-half-month long hiatus in rate revision on March 22, rates of petrol and diesel have been increased by Rs 10 per litre each via 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.
Petrol & Diesel Rates May 18, 2022
India is 80% dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement in crude prices.
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.
Oil prices firmed in early trade on May 13 but were headed for their first weekly losses in three weeks as worries about inflation and China's COVID lockdowns slowing global growth outweighed concerns about dwindling fuel supply from Russia.
Brent crude futures were up 97 cents, or 0.9%, at $108.42 a barrel at 0008 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed $1.00, or 0.9%, to $107.13 a barrel.
India's retail inflation surged to 7.79 per cent in April, largely driven by rising fuel and food prices, government data showed on Thursday.
At 7.79 percent, the Consumer Price Index (CPI) inflation print for April is 84 basis points higher than the March number of 6.95 percent, data released on May 12 by the Ministry of Statistics and Programme Implementation showed.On April 27, Prime Minister Narendra Modi speaking on high fuel prices, urged chief ministers to cut value added tax (VAT) on petrol and diesel to pass on the benefits and ease the burden on citizens. He also said though some states had reduced taxes, others were yet to provide relief.