Petrol and diesel prices in India remained stagnant on Wednesday continuing the trend seen in the past nine months according to the latest fuel rates released by the oil companies.
People in Delhi have to pay ₹96.72 per litre for petrol and ₹89.62 per litre for diesel. In Mumbai, petrol is being sold at ₹106.31 per litre while diesel is being retailed at ₹94.27 per litre. The rates of petrol and diesel in Chennai stood at ₹102.63 and ₹94.24 per litre, respectively.
Fuel prices vary from state to state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. The last nation-wide change in fuel rates was on 21 May 2022, when Finance Minister Nirmala Sitharaman cut excise duty on petrol by ₹8 per litre and ₹6 per litre on diesel.
Here is a list of petrol and diesel prices in other cities of the country:
CITYPETROL PRICE (Rs/LITRE)DIESEL PRICE (Rs/LITRE)KOLKATA106.0392.76BENGALURU101.9487.89LUCKNOW96.5789.76NOIDA96.7989.96PATNA107.2494.04 State-run oil marketing companies (OMCs) like Indian Oil, Hindustan Petroleum and Bharat Petroleum have been revising fuel prices daily at 6 am since 2017. In case of any change, prices are adjusted according to global rates.
Oil prices extended losses on Wednesday on expectations the U.S. Federal Reserve is likely to indicate it will continue to raise interest rates in comments due out later, raising concerns of lower global economic growth and fuel demand.
Brent crude futures for April delivery fell by 23 cents to $82.82 a barrel by 0420 GMT after recording a 1.2% decline on Tuesday. Higher interest rates tend to lift the dollar, making dollar-denominated oil more expensive for holders of other currencies.
(With inputs from Reuters)
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