Petrol, Diesel Prices Remain Unchanged For 24 Days In A Row

Petrol, Diesel Prices Today: Petrol, diesel prices remained stable for the 24th consecutive day on Sunday, November 28. In the national capital, petrol is currently sold for Rs 103.97, while the diesel rates stood at Rs 86.67 per litre, according to Indian Oil Corporation. In Mumbai, petrol is retailed at Rs 109.98 per litre; while diesel is being sold at Rs 94.14 per litre.

On November 4, the government had slashed excise duty on petrol and diesel to bring rates slightly down from the record-high levels. Despite the reduction in prices, petrol rates are still above the Rs 100 per litre mark across the four metros and several cities in the country.

There are possibilities that fuel prices may further come down in the country, especially after there has been a sharp decline in global crude prices. Also after the government announced on November 23 that it has decided to release five million barrels of crude oil from its strategic reserves along with other major oil consumers like the US, Britain, China, Japan and South Korea, to dampen international prices, chances of petrol and diesel prices coming down in the near future in the country, look bright.

Currently, among the metro cities, fuel rates are the highest in Mumbai. The rates vary across the states due to value-added tax or VAT. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City). 

Here are the petrol and diesel price across the metro cities:

State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.

Oil prices had plunged $10 a barrel on November 26, their largest one-day drop since April 2020, as the new Covid variant Omicron spooked investors and added to concerns that a supply surplus could swell further.

Oil prices fell with global equities markets on fears the variant, could dampen economic growth and fuel demand.