Gasoline and diesel prices: Fuel prices steady across major cities today
Petrol and diesel prices today: Petrol and diesel prices remained stable for the 24th consecutive day on Sunday, November 28. In the national capital, gasoline is currently selling for Rs 103.97, while diesel prices stand at 86, Rs 67 per liter, according to the Indian Petroleum Corporation. In Mumbai, petrol retails for Rs 109.98 per liter; while diesel is being sold for Rs 94.14 per liter.
On November 4, the government cut excise taxes on gasoline and diesel to cut prices slightly from record highs. Despite the price drop, gas prices are still above the Rs 100/liter mark in 4 cities and several cities across the country.
It is likely that domestic fuel prices may continue to fall, especially after the sharp drop in global crude oil prices. Also after the government announced on November 23 that it had decided to release five million barrels of crude oil from its strategic reserves along with other major oil consuming countries such as the US, UK, China, Japan, etc. Japan and Korea, to reduce international prices, the chance that domestic gasoline and diesel prices will decrease in the near future, looks bright.
Currently, among metro cities, fuel prices are the highest in Mumbai. Rates 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.
Oil prices fell $10 a barrel on Nov. 26, the biggest single-day drop since April 2020, as the new Covid variant Omicron spooked investors and added to concerns that a excess supply may increase further.
Oil prices fell along with global stock markets on concerns this variation could dampen economic growth and fuel demand.
