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Fuel prices continued to remain steady on Wednesday, May 11, 2022 with the petrol, diesel prices staying unchanged, according to the price notification by the state-run fuel retailers. The fuel prices witnessed last hiked by 80 paise a litre each on April 6, taking the total increase in rates in 16 days to 10 per litre.

Petrol price in Delhi costs 105.41 per litre while diesel costs 96.67. In Gurugram, one litre of petrol costs 105.86 and 97.10 for one litre of diesel. In Mumbai, the prices of petrol and diesel stood at 120.51 and 104.71 respectively.

In Chennai, the petrol and diesel prices are at 110.85 and 100.94 per litre . In Kolkata, the price of petrol is 115.12 and diesel is 99.83 . In Bengaluru, one litre of petrol will cost 111.09 and one litre of diesel will cost 94.79. 

Petrol and diesel prices rose by 10 per litre between March 22 and April 6, the highest-ever increase during a 16-day period since fuel prices were deregulated two decades back. Fuel prices are decided based on the international prices, excise duty, state value-added taxes (VAT), and other charges.

Oil climbed back above $100 a barrel ahead of key US economic data after tumbling over the previous two sessions. The oil market has been whipsawed over the last couple of months by Russia’s invasion of Ukraine and Covid-19 restrictions across China. Oil is still up more than 30% for the year after a robust start underpinned by economies rebounding from the pandemic.

 

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