The Delhi government decreased the value-added tax (VAT) on fuel from 30% to 19.40% on Wednesday. From Thursday, petrol prices in the national capital will be reduced by 8.56 pence per litre.
According to Delhi Chief Minister Arvind Kejriwal, petrol prices in Delhi have dropped in comparison to other cities in the National Capital Region (NCR).
Diesel prices in Delhi, on the other hand, have remained steady at 86.67. Other states’ fuel prices are likewise constant.
Petrol is sold for 109.98 a litre in Mumbai, while diesel is supplied for 94.14 per litre. Mumbai has the highest fuel prices among metro cities. Because of the VAT, the rates differ per state.
The following is a list of petrol and diesel prices in major cities:
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 95.41 | 86.67 |
| Mumbai | 109.98 | 94.14 |
| Chennai | 101.40 | 91.43 |
| Kolkata | 104.67 | 89.79 |
| Source: Indian Oil | ||
State-run oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust gasoline prices on a daily basis, taking into account international crude oil prices and rupee-dollar exchange rates. Every day at 6 a.m., any adjustments in gasoline and diesel prices take effect.
On predictions that OPEC+ will suspend supply additions due to rising fear that the spread of the Omicron coronavirus type may weigh on the global economy and fuel consumption, oil prices increased globally, recovering the previous day’s losses. After a 0.9 percent dip on Wednesday, US West Texas Intermediate (WTI) oil futures rose 48 cents, or 0.7 percent, to $66.05 a barrel. Brent oil futures rose 48 cents, or 0.7 percent, to $69.35, after falling 0.5 percent the day before.
