New Delhi: On Saturday, all metro cities’ Petrol and Diesel prices remained steady for the 17th day in a row, after a total raise of $10 per litre since price adjustments resumed on March 22 after a four-month vacation.
In Delhi, a litre of petrol costs 105.41 rupees, while a litre of diesel costs 96.67 rupees. Petrol costs 120.51 per litre in Mumbai, while diesel costs 104.77. In Chennai, the price of gasoline is 110.85, while diesel is 100.94. In Kolkata, fuel costs 115.12 rupees and diesel costs 99.83 rupees.
On April 6, fuel prices were raised by 80 paise per litre, the 14th rise since the March 22 resumption of price revisions, raising petrol and diesel prices by 10 paise per litre, respectively.
Because 85 percent of India’s energy demands are met by imports, domestic gasoline and diesel prices are tied to international rates.
According to the latest statistics from the Petroleum Ministry’s Petroleum Planning and Analysis Cell (PPAC), India’s crude oil basket price climbed slightly to $106.14 per barrel on Thursday, April 21, 2022, from $105.51 per barrel on April 20.
That’s an increase of $8.32 per barrel, or 8.5 percent, in the ten days between April 11 and April 21, 2022. The average price of crude oil (Indian basket) was $103.02 per barrel on April 21, the highest level in April so far, according to the data.
Retail fuel prices have been on hold for the 17th straight day as of Saturday, but if the growing trend in global crude and the Indian oil basket price continues, merchants will be obliged to raise pump prices.
The Dynamic Fuel Price Methodology is used by state merchants to establish fuel prices each day. The dynamic fuel pricing technique, or price revisions approach, takes into account a number of factors, including worldwide oil prices, the rupee’s exchange rate versus the dollar, current and forecast demand, and trade movement in global petroleum markets.
In addition, the retail price of fuel includes a central tax or excise charge, value-added tax (VAT) – which varies by state – and merchant commission.
Taxes, tariffs, cess, and dealer margins account for more than 57% of the retail fuel price per litre. As a result, such expenses included establishing the ultimate retail price of gasoline at gas stations.
States determine the value-added tax (VAT), which varies by state, with Mumbai topping the list of metros with the highest gasoline prices.