Fuel Prices: Petrol and Diesel Prices are Sluggish in India

The petrol and diesel prices in India are sluggish today as it continues to be stable for a long time. The fuel prices across the major cities in India including the metropolitan cities - New Delhi, Mumbai, Kolkata, and Chennai stood still on Saturday, April 15, 2023.

Fuel Prices: Petrol and Diesel Prices are Sluggish in India

In India, the retail prices of petrol and diesel will be updated at 6 am by the Oil Marketing Companies (OMCs) in line with the crude prices in the global markets. This rule is followed after the government of India switched from the earlier practice of revising petrol and diesel rates every fortnight. With effect from June 15, 2017, the petrol and diesel prices are revised every morning at fuel stations across India.

The Central government regulates fuel prices through excise duty, cap prices and base prices.

Meanwhile, in the international markets, the West Texas Intermediate (WTI) crude was trading at $82.52 per barrel and the crude benchmark - Brent was at $86.31 per barrel.

The oil prices in the global markets declined by a dollar per barrel on Thursday, the Organization of the Petroleum Exporting Countries (OPEC+) report has stoked summer demand worries and traders took profits after the benchmarks scaled multi-month highs during the previous session.

Accordingly, the petrol prices in metropolitan cities as of April 15, 2023, stand at Rs 96.72 per litre in New Delhi; Rs 106.31 per litre in Mumbai; Rs 106.03 per litre in Kolkata and Rs 102.73 in Chennai.

The diesel prices in prominent cities are recorded at Rs 89.62 per litre in New Delhi; Rs 92.76 per litre in Kolkata; Rs 94.27 per litre in Mumbai and Rs 94.33 per litre in Chennai.

The last revision of fuel prices in India was done in May 2022, after the finance minister - Nirmala Sitharaman announced a slash in the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre, respectively.