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Petrol-Diesel Prices today: Fuel rates to drop by Rs 3? here’s why prices may come down

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Petrol, Diesel Prices Today: Fuel oil prices remain stable in the country today, Saturday, Sept 10, 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.

Meanwhile, there has been a big drop in the prices of crude oil in the international market. Crude oil prices have reached their lowest level in the last 7 months. Today Brent crude oil is trending around $92 per barrel.

Fuel rates to drop by Rs 3?

According to experts, in the coming days, petrol and diesel prices may witness a drop by Rs 2 to Rs 3. Earlier in February, crude oil was close to $90 per barrel, which had reached $125 per barrel in June. Brent crude oil is currently at $92.84 per barrel.

Petrol-Diesel Prices today

Petrol across Delhi stands at an average price of Rs 96.72. No change was recorded in the price in Delhi since Thursday. Notably, petrol prices in the national capital closed at an average price of Rs 96.72 per litre last month on Jul 31, 2022, unchanged in the month.

However, there has been a decline in the crude oil market, influenced by global factors. Brent crude futures prices fell sharply today.

Crude was also seeing a decline on Tuesday morning after Monday amid fears that energy demand would be affected. Brent crude futures were trading 1% lower at $94.20 per barrel early this morning. At the same time, US WTI fell 0.9% to $88.60 per barrel. On Monday, the futures prices of crude oil had fallen by about 3%.

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.

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.

Image: Pexels

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:

S.No.CityPetrol price per Litre (In Rs.)Diesel Price per Litre (In Rs.)
1.Delhi96.7289.62
2.Mumbai106.0394.27
3.Chennai102.7394.33
4.Kolkata106.0392.76
5.Lucknow96.4489.64
6.Hyderabad109.6697.82
7.Bengaluru101.9487.89
8.Jaipur108.6793.89
9.Ahmedabad96.4992.23
10.Patna107.2494.04

ALSO READ: Why Crude Oil Prices Are Falling? How Will It Affect India?

Hina Fatima Khanhttps://thevocalnews.com/
Multi-media Journalist based in India with an experience of 7 years in the industry, Hina Fatima Khan works as a Senior Sub-Editor at The Vocal News. Her areas of interest are Politics, Business, History and World Affairs. She is also a Space enthusiast and enjoys scrabble in the Newspapers. She has done Masters in Convergent Journalism from Mass communication Research Centre (MCRC), Jamia Millia Islamia University.

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