Petrol, Diesel Prices Today In India: Unchanged For 17 Straight Days

Petrol and diesel prices were left unchanged for the 17th consecutive day on Saturday across all metro cities, after a Rs 10 per litre hike in total since price revisions restarted on March 22, following a four-month hiatus before that. 

Here are the updates on the petrol and diesel price 2022:

In Delhi, a litre of petrol costs Rs 105.41, and the diesel rate is Rs 96.67 per litre. In Mumbai, petrol costs Rs 120.51 per litre, and diesel is sold at Rs 104.77. The petrol price in Chennai is Rs 110.85, and diesel costs Rs 100.94. In Kolkata, petrol is sold at Rs 115.12 and diesel is retailed at Rs 99.83. 

Fuel rates were last hiked by 80 paise per litre on April 6, the 14th increase since the March 22 restart to revise prices - taking petrol and diesel prices higher by Rs 10 a litre, respectively. 

As India is dependent on imports to meet 85 per cent of its energy needs, domestic petrol and diesel prices are linked to international rates.

The latest data from Petroleum Ministry's Petroleum Planning and Analysis Cell's (PPAC)'s report released on Friday showed India's crude oil basket price rose marginally on Thursday, April 21, 2022, to $106.14 per barrel from $105.51 per barrel on April 20. 

That is an $8.32 per barrel, or an 8.5 per cent rise in the last ten days between April 11 and 21, 2022. The report also showed that the average price of crude oil (Indian basket) was $103.02 per barrel on April 21 - a high level in April so far.

While retail fuel prices have been on pause for the 17th consecutive day as on Saturday, retailers would be forced to hike pump prices if the rising trend in global crude and the Indian oil basket price continues.

State retailers set fuel prices each day based on the Dynamic Fuel Price Methodology. The price revisions method, or the dynamic fuel price methodology, considers 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 addition, 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.

States decide on the value-added tax (VAT) varies across states, and Mumbai tops the metros' list for the highest fuel prices.