Petrol and diesel prices in India have stayed flat today in numerous metro cities, including New Delhi, Kolkata, Mumbai, Chennai, and Bangalore. Petrol costs Rs 95.41 per litre in New Delhi, while diesel costs Rs 86.67 per litre. Petrol costs Rs 109.98 per litre in Mumbai, while diesel costs Rs 94.14 per litre. Meanwhile, a litre of petrol costs Rs 104.67 in Kolkata, while a litre of diesel costs Rs 89.79. Petrol prices in Chennai have stayed at Rs 101.40 per litre today, while diesel prices have remained unaltered at Rs 91.43 per litre.
The current petrol price in Bangalore is Rs 100.58, while the diesel price is Rs 85.01. The current petrol price in Hyderabad is Rs 108.20, while the diesel price is Rs 94.62. The value-added tax (VAT) and freight costs, as well as the Dealers/Distributors Commission and the Central Excise and Customs Tariff, all affect the price of petrol and diesel in the nation. Due to the worldwide conflict between Russia and Ukraine, as well as assembly election results in the five states of Uttar Pradesh, Punjab, Uttarakhand, Mizoram, and Goa, Indian fuel consumers may see a further spike, which might make up the gap in retail prices.
Indian gasoline customers may face increased fuel costs in the coming days as crude oil prices are at an all-time record high which would have a significant impact on India's current account deficit (CAD) because of the country's reliance on imports. Not only that, but Indian consumers may see price swings in all goods and services. According to reports, oil marketing companies (OMCs) have not raised retail prices of diesel and petrol since November 2021 because of state elections, but Indian fuel users may soon see increased fuel costs as the Assembly Elections 2022 are over.
The rise in crude oil prices may cause Indian fuel customers to see higher fuel costs, which are expected to rise shortly, will have a negative impact on the economy's growth and drive inflation higher.