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The price of auto fuel continued to remain steady as petrol and diesel prices stay unchanged on Tuesday across various cities in the country including the national capital Delhi, metro cities Mumbai, Kolkata and Chennai.
Currently, the cost of one litre of petrol in Delhi stands at ₹103.97 and that of diesel at ₹86.67 per litre. Meanwhile, in the country's financial capital, the petrol and diesel prices have remained steady at ₹109.98/litre and ₹94.14 per litre, respectively.
As for Kolkata and Chennai, petrol and diesel cost ₹104.67 and ₹89.79 and ₹101.40 and ₹91.43 respectively. Prices differ from state to state, depending on the incidence of local taxes and cost of transportation.
The fuel prices in India may become cheaper if the global crude oil price continue to fall further. As per the Government of India (GoI) sources reported by PTI, fuel prices in India can be reduced only when there is more reduction in global oil prices. The official sources told PTI that petrol, diesel prices in retail domestic market are decided on a 15 days rolling average. So, if the global oil price continues to fall further, then the 15-day rolling average will automatically come down leading to lowering of petrol, diesel prices in India's retail domestic market.
Just last week, India said on Friday that oil producing countries cannot hold consumers to ransom, underlining the nation's growing frustration with OPEC+ for not raising production to cool prices.
India, the world's third-biggest oil importer and consumer, imports about 85% of its oil needs and has been hit hard by rising oil prices. Oil prices eased on Friday, however, on concerns about a new Covid-19 variant detected in South Africa.
Additionally, India has repeatedly urged OPEC+, which consists of countries belonging to the Organization of the Petroleum Exporting Countries and allies including Russia, to raise output to calm prices.
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