Gasoline prices today remained unchanged in all 4 cities
Petrol and diesel prices today: Fuel prices were unchanged in metro cities on Saturday, March 12, 2022. Prices have remained stable for more than four months despite rising international crude prices as pledges by major crude producers narrowing the supply gap due to the escalation of the Russia-Ukraine conflict.
On Friday, the price of Brent oil was at $112 per barrel amid the escalation of the Russia-Ukraine war.
Meanwhile, this is the longest period of time that the exchange rate has remained stable in India, since the daily price revision started in June 2017. However, now there is speculation that the price of course whether it is possible to increase Rs 12 to Rs 15 per liter when the council elections take place. ended in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur.
The central government cut the excise tax on November 4, 2021, to ease prices that have hit all-time highs. The government has cut taxes on gasoline by Rs 5 per liter and on diesel by Rs 10 per liter, resulting in a significant reduction in fuel prices.
At the end of December 2021, the Delhi government reduced the value added tax on petrol from 30% to 19.40%. With this, the price of petrol in the national capital fell by Rs 8.56 per liter.
A liter of petrol costs Rs 95.41 in Delhi, while the price of diesel is at Rs 86.67 per liter. In Mumbai, petrol retails for Rs 109.98 per liter, while diesel is sold for Rs 94.14 per liter. Among metro cities, fuel prices are still the highest in Mumbai. Fuel prices vary from state to state due to value added tax or VAT. (Also Read: How to check the latest gas and diesel rates in your city).
Here are gas and diesel prices in major cities:
State-run refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum will adjust fuel prices on a daily basis, taking into account international crude oil prices and the US dollar exchange rate. Any changes in petrol and diesel prices will be made from 6:00 a.m. daily.
India is 85% dependent on imports to meet its oil needs, and domestic gasoline and diesel prices are related to international prices. But in the past 4 months, despite the spike in international oil prices, gasoline and diesel prices have remained unchanged.
The Russo-Ukrainian war has had a huge impact on crude oil prices globally and with this in mind, fuel prices are likely to rise sharply in the coming days.
