Petrol, Diesel Prices Today, April 16, 2022: Fuel Prices Remain Unchanged For 10th Consecutive Day. Check Rates

Petrol and diesel prices were left unchanged for the tenth consecutive day across four metros on Saturday, April 16, 2022.

The last revision to fuel rates was on April 6, when petrol and diesl prices were increased by 80 paise per litre, which had marked the 14th increase since March 22. After those consecutive hikes, petrol and diesel had become costlier by a total of Rs 10 a litre in total.

Retail prices in Delhi stood at Rs 105.41 for 1 litre of petrol, while the diesel rate was Rs 96.67.

In Mumbai, petrol is retailed at ₹ 120.51 per litre while diesel is sold at Rs 104.77 per litre. Fuel prices are the highest in Mumbai among all four metro cities. The value-added tax (VAT) is levied by the state, so the retail price of fuel varies from state-to-state.

Fuel prices were left unchanged for 4 months - Between November 4, 2021, and March 22, 2022 - because of assembly elections scheduled in crucial states in January to March 2022.

Oil retailers restarted the revision of fuel rates on March 22, 2022.

State-run oil refiners revise rates daily based on the Dynamic Fuel Price Methodology, which is based on several factors such as international crude prices, the exchange rate of the rupee against the dollar, actual and expected demand, and the trade flow in global crude markets.

In additional, central tax or excise duty, value-added tax (VAT) - which varies from state to state, and retailer commission is included to derive from the retail price of fuel - more than 57 per cent of the retail fuel price per litre goes towards taxes, duties, cess and dealer margins. So those costs included determining the final retail price of fuel at petrol pumps.

Any changes in petrol and diesel prices are implemented from 6 am every day.

PTI reported on Thursday that petroleum Minister, Hardeep Singh Puri, had urged states to cut VAT on petrol and diesel for giving relief to consumers.