Crude oil prices have witnessed a sharp fall in the global market during the last 24 hours. There was a pressure on the global oil market after the the dollar gained and new sanctions on Russia were announced. Brent crude has dropped by more than $2 to $84.22 per barrel in the last 24 hours, which is the lowest in 9 months (since January 14). Meanwhile, government oil companies have also released the retail rates of petrol and diesel on Tuesday morning.
Fuel prices remain stable
Fuel oil prices remain stable in the country today, Tuesday, Sept 27, 2022. Even today, there has been no change in the retail prices of petrol and diesel. It has been more than four months when there has been no revision by the oil marketing companies in the prices of petrol and diesel in the domestic markets.
Fuel prices dropped four months ago
The Centre had recently cut the prices of petrol and diesel, following which petrol price and diesel price dropped across the country. The fuel prices saw a sharp drop in May as a result of finance minister Nirmala Sitharaman announcing that the central government had decided to cut the excise duty on petrol and diesel given their exorbitant prices.
On May 21, Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel. As a result, petrol price was decreased by Rs 8.69 per litre while diesel was cut by Rs 7.05 in Delhi.
Petrol and diesel prices were last increased on April 6 by 80 paise a litre, taking the total hike in rates in 16 days to Rs 10 per litre. Between March 22 to April 6, petrol and diesel prices were hiked 14 times.
Petrol-Diesel Prices today
According to Goodreturns, in Noida, petrol price is Rs 96.64 per litre, while diesel rate is Rs 89.82 per litre. In Lucknow, petrol price is Rs 96.44 per litre, while diesel rate is Rs 89.64 per litre.
Petrol in Gurugram is selling for Rs 96.77 per litre while diesel stands at Rs 89.65 per litre. Petrol price in Delhi stands at Rs 96.72 a litre while the rate of diesel is Rs 89.62 per litre. In Mumbai, petrol rate stands at Rs 106.03 per litre and diesel costs Rs 94.27 for one litre.
It is noteworthy here that the prices of petrol and diesel differ from state to state depending on the VAT. Petrol in Kolkata stands at Rs 106.03 per litre while diesel costs Rs 92.76 a litre. In Chennai, the rate of petrol is Rs 102.73 per litre, while the price of diesel is Rs 94.33 per litre.
The oil marketing companies revise rates of fuels on a daily basis. The revision in fuel prices depends upon the fuel prices in the international market and foreign exchange rates.
Petrol and diesel prices today across major cities in India
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