Petrol And Diesel Prices remain constant for 7th day on Sep 12; Check fuel rates here

On Sunday, September 12, 2021, the price of petrol and diesel in all four metro cities remained steady. As per the Oil Marketing Companies (OMCs), petrol prices in Delhi, the national capital remained stable at 101.19 per litre. Diesel prices remained unchanged at 88.62 per litre in Delhi.

Petrol is now priced at 107.26 a litre in Mumbai, while diesel is priced at 96.19 per litre. Mumbai has the highest fuel prices of the four metro cities because of the value-added tax (VAT), fuel prices differing per state. 

Petrol prices in India

New Delhi: Rs.101.19

Mumbai: Rs.107.26

Chennai: Rs.98.96

Kolkata: Rs.101.62

Patna: Rs.103.79

Bengaluru: Rs.104.70

Diesel prices in India

New Delhi: Rs.88.62

Mumbai: Rs.96.19

Chennai: Rs.93.26

Kolkata: Rs.91.71

Patna: Rs.94.55

Bengaluru: Rs.94.04

Fluctuations in Petrol prices in India and Diesel prices in India

On September 1, 2021, as well as September 5, 2021, both petrol and diesel prices were lowered. Fuel prices have been reduced by 13-15 paise per litre. Even though fuel prices haven't risen in a while, petrol and diesel are still selling at record highs across India. Despite rising prices, demand for fuel increased dramatically in August. Surprisingly, high petrol costs haven't discouraged purchases across the country. In fact, the price of petrol has risen and is on track to achieve a new high this fiscal year. Diesel, on the other hand, is still in short supply compared to petrol. Diesel, in particular, accounts for two-fifths of the country's refined fuel use and is one of the markers of industrial activity.

How are Fuel prices in India decided?

India imports around 80% of its petrol and diesel needs. Brent crude oil plays a significant impact in this. The price of crude oil per barrel fluctuates daily. Fuel prices in India are adjusted on a daily basis in response to global crude oil price fluctuations. The cost of imports rises in accordance with global crude oil prices. However, this is only one factor contributing to the high retail pricing. The balance is made up entirely of taxes.

Oil marketing corporations set the prices for petrol. Because oil corporations are no longer regulated by the government, it is their responsibility to alter prices in accordance with worldwide rates. The governments, on the other hand, collect a sizable tax on the retail price of petrol and diesel, which consumers pay at the pump. State-run oil refineries like Indian Oil, Bharat Petroleum, and Hindustan Petroleum assess fuel prices on a daily basis, taking into consideration crude oil prices in international markets as well as rupee-dollar exchange rates. Any changes in petrol and diesel prices take effect at 6 a.m. every day.

(IMAGE: PTI)