Highlights:
- Petrol and diesel prices increased by 80 paise per litre in the metro cities after remaining unchanged for nearly 4 months.
- Petrol in Delhi is now Rs. 96.21 per litre, while diesel is at Rs. 87.47 per litre.
- Petrol prices in Mumbai, Chennai, and Kolkata were respectively Rs. 110.82, Rs. 102.16, and Rs. 105.51 per litre.
- The diesel prices in Mumbai are Rs. 95, Kolkata Rs. 90.62, and Chennai Rs. 92.19 per litre.
The retail price of petrol and diesel in Delhi increased by 80 paise each which came into effect from 6 a.m. on Monday, marking the first rise since December 1, 2021, according to PTI, quoting sources. The price of domestic cooking gas (or LPG) was also increased by Rs. 50 per cylinder.
On Tuesday, a litre of petrol priced 96.21 rupees at the Rajdhani Service Station in Delhi, while diesel costs Rs. 87.47, an increase of 80 paisa over Monday’s petrol costs of Rs. 95.41 and diesel rate of Rs. 86.67.
LPG (Liquified Petroleum Gas) prices were raised by Rs. 50 per cylinder on Tuesday for the first time since early October 2021, according to PTI, which cited sources.
Retail fuel prices have increased for the first time since November, and have remained unchanged in metro cities for the longest period since daily price revisions began in June 2017.
Below is the list of petrol and diesel prices in major cities:
| City | Petrol | Diesel |
| Delhi | 96.21 | 87.47 |
| Mumbai | 110.82 | 95 |
| Chennai | 102.16 | 92.19 |
| Kolkata | 105.51 | 90.62 |
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However, with the completion of assembly elections in Uttar Pradesh, Uttarakhand, Punjab, Goa, and Manipur, there’s been speculation that petrol prices might rise.
On November 4, 2021, the Centre reduced excise duty to give relief from prices that had hit an all-time high. The government lowered the duty on petrol by Rs. 5 per litre and diesel by Rs. 10 per litre, resulting in a significant drop in fuel costs.
The Delhi government later slashed the value-added tax (VAT) on petrol from 30% to 19.40% in December 2021. Petrol prices in the national capital have been lowered by Rs. 8.56 per litre as a result of this.
India imports over 85% of its oil, making it the third-largest oil importer and consumer in the world. The price of petrol and diesel in the country is determined by the international price of the two fuels, which move proportionally to crude prices.
Due to the escalation in the Russia-Ukraine war, benchmark Brent crude oil prices have climbed substantially to almost $120 per barrel, putting pressure on state-owned fuel companies to raise retail prices.
