Petrol, Diesel Prices Today: Petrol and diesel prices remained unchanged in the country on Wednesday, March 16. Petrol prices in cities such as New Delhi, Kolkata, Mumbai, Chennai, and Bangalore will remain constant today. In Delhi, petrol costs Rs 95.41 a litre while the rate of diesel was Rs 86.67 per litre. In Mumbai, petrol can be bought at Rs 109.98 per litre and diesel costs Rs 94.14 for one litre.
In Chennai, a litre of petrol is priced at Rs 101.40. On Tuesday, the price of a litre of diesel was Rs 91.43 per litre. Petrol in Kolkata costs Rs 104.67 per litre while diesel costs Rs 101.56 a litre.
It is worth mentioning that the prices have remained static for over four months despite international crude oil prices having risen to more than $100 a barrel as major crude producers pledged to plug the supply gap from the escalating Russia-Ukraine conflict. However, now there are speculations that fuel prices may see a substantial hike. There are chances that OMCs may increase city-wise prices soon.
The Centre had on the eve of Diwali, announced an excise duty cut on fuels resulting in a sharp decrease in petrol and diesel prices across the country. The government had cut the price of petrol by Rs 5 and that of diesel by Rs 10. Following this decision, several states, mostly ruled by National Democratic Alliance (NDA) and allies have also cut the Value Added Tax (VAT) on petrol and diesel prices. Opposition-ruled Punjab and Rajasthan also followed the cue to announce the biggest reduction in petrol prices.
Union Minister Hardeep Singh Puri on Monday informed the Rajya Sabha that nine states, including Maharashtra and Kerala, have not reduced VAT on petrol and diesel. The Petroleum and Natural Gas minister also informed the house that fuel prices have gone up by over 50 per cent in many countries but have remained stable and risen by a mere 5 per cent in India during the pandemic.
“All elected representatives should be rejoicing at the fact that the prices of petrol paid by the consumer have remained steady during the period from April 1, 2020 to March 31, 2021,” he told the house.
On Monday, the minister of petroleum and natural gas said that India is ready to take all appropriate action, as deemed fit, for mitigating market volatility and calming the rise in crude oil prices.
Oil prices rose early on Wednesday, bouncing back after earlier falling more than $1 a barrel, as Russia’s invasion of Ukraine continues to dominate volatile trading with ceasefire talks the latest market trigger, news agency Reuters reported. Brent futures were up 83 cents, or 0.8 per cent, at $100.74 a barrel at 0120 GMT. U.S. West Texas Intermediate (WTI) crude rose 58 cents, or 0.6 per cent, at $97.02 a barrel. Both contracts had earlier declined more than $1, with Brent falling to $98.86 a barrel and WTI easing to $94.90 a barrel.
Check out the Petrol and Diesel Prices Across India on March 16, 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
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