Fuel prices in India remained largely stagnant on Monday, maintaining the almost year-long stability in prices.
New Delhi, Kolkata, Mumbai, and Chennai witnessed no changes in petrol and diesel rates. However, minor revisions were seen in other cities according to factors like Value Added Tax (VAT), freight charges, and local taxes.
Petrol and diesel rates went up in Punjab by 93 paise and 89 paise per litre, respectively, for retail customers on Sunday after the Aam Aadmi Party (AAP) government revised the value added tax (VAT) on fuel.
With the increase in VAT, retail prices of petrol and diesel per litre in Ludhiana rose to ₹98.73 and ₹89.02 from ₹97.80 and ₹88.13, respectively, he said.
The last nationwide change in fuel rates was on 21 May, 2022 when Finance Minister Nirmala Sitharaman slashed excise duty by ₹8 per litre on petrol and ₹6 per litre on diesel.
Currently, petrol is priced at ₹96.72 per litre and diesel at ₹89.62 per litre in Delhi. In the financial capital of Mumbai, petrol costs slightly more at ₹106.31 per litre, with diesel following suit at ₹94.27 per litre. Petrol is available in Kolkata at ₹106.03 per litre and diesel at ₹92.76 per litre. In Chennai, petrol retails at ₹102.63 per litre, while diesel can be bought at ₹94.24 per litre.
Check rates in other cities as per Goodreturns website:
City Petrol (Rs/litre) Diesel (Rs/litre)
Bengaluru 101.94 87.89
Gurugram 96.93 89.80
Lucknow 96.57 89.76
Noida 96.77 89.94
Chandigarh 96.20 84.26
Oil prices edged lower on Monday ahead of a Federal Reserve meeting as investors try to gauge the central bank’s appetite for further rate hikes, while concerns about China’s fuel demand growth and rising Russian crude supply weighed on the market.
Russian oil exports to China and India have grown despite the implementation of the European Union’s embargo and the Group of Seven’s price cap mechanism that started in early December.