Petrol, Diesel Prices on March 12: Fuel rates remain stable; Check rates in metro cities

New Delhi: Petrol and diesel prices in several metro areas have stayed stable today. Petrol prices in New Delhi, Kolkata, Mumbai, Chennai, and Bangalore would remain constant today. Domestic motor gasoline prices have not changed in over four months, despite global crude oil prices breaking the three-figure threshold and reaching multi-year highs. However, now there are rumours that petrol prices could jump by Rs 12 to Rs 15 per litre. There is a risk that OMCs will raise their fees soon.

Petrol costs Rs 95.41 per litre in 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, petrol costs Rs 104.67 per litre in Kolkata, while diesel costs Rs 101.56 per litre. The price of petrol in Chennai today has stayed constant at Rs 101.40 per litre, while the price of diesel has remained constant at Rs 91.43 per litre.

Prices in major cities were last collectively changed on November 4, 2021, when the central government reduced excise duty on two important fuels to bring retail rates down from record highs and requested state governments to reduce VAT on gasoline. Following that, other states cut the VAT on automobile fuels.

Petrol and fuel costs in the country vary by state due to local taxation (VAT) and freight charges. Aside from that, the central government levies an excise levy on automobile fuels.

In general, oil marketing companies (OMCs) modify petrol and diesel rates on a daily basis, depending on the average price of benchmark fuel in the worldwide market over the previous 15 days and foreign exchange rates.

Oil prices finished higher on Friday, but registered their worst weekly drop since November, as traders assessed prospective improvements to the supply outlook, which has been hampered by Russia's invasion of Ukraine.

Since the invasion, which Moscow refers to as a "special military operation," crude prices have skyrocketed. This week, futures benchmarks reached their highest levels since 2008, only to fall sharply as some producing countries signalled plans to increase supply.

Brent crude futures increased $3.34, or 3.1%, to settle at $112.67 per barrel on Friday, after hitting a session low of $107.13. Reuters reported that US West Texas Intermediate (WTI) oil futures increased $3.31, or 3.1%, to settle at $109.33 per barrel, up from the session low of $104.48.

Check out the Petrol and Diesel Prices Across India on March 9, 2022

Mumbai

Petrol - Rs 109.98 per litre

Diesel - Rs 94.14 per litre

Delhi

Petrol - Rs 95.41 per litre

Diesel - Rs 86.67 per litre

Chennai

Petrol - Rs 101.40 per litre

Diesel - Rs 91.43 per litre

Kolkata

Petrol - Rs 104.67 per litre

Diesel - Rs 89.79 per litre

Bhopal

Petrol - Rs 107.23 per litre

Diesel - Rs 90.87 per litre

Hyderabad

Petrol - Rs 108.20 per litre

Diesel - Rs 94.62 per litre

Bangaluru

Petrol - Rs 100.58 per litre

Diesel - Rs 85.01 per litre