The state-run oil marketing companies (OMCs) have not revised the prices of petrol and diesel across the country on Wednesday, November 24, 2021. Petrol and diesel prices have maintained stability in the domestic market amid a continuous fall in global crude oil prices.

According to the Indian Oil Corporation, the country’s largest fuel retailer, petrol is retailing at Rs 103.97 in the national capital, Delhi, whereas diesel is below the Rs 100 mark and costs Rs 86.67 per litre.

In India’s financial hub, Mumbai, petrol is available at Rs 109.98 per litre and diesel is being sold at Rs 94.14 per litre, the highest among all the four metro cities.

Similarly, in Chennai, the prices of petrol and diesel remained unaltered and stood at Rs 101.56 per litre and Rs 91.58 per litre respectively.

On the other hand, the price of petrol remained unchanged at Rs 104.67 per litre in Kolkata and diesel is retailing at Rs 89.79 per litre.

It may be noted that among all the four metro cities, petrol is the cheapest in Chennai and diesel is the least expensive in the national capital, Delhi.

Petrol, diesel prices expected to fall further

The price of crude oil in the international market is below $ 80 per barrel, which even crossed $ 86 per barrel last month.

Meanwhile, to consumers’ relief, the prices of petrol and diesel could see a further drop in the domestic market soon as the Centre has decided to release five million (50 lakh) barrels of crude oil from its emergency oil reserves, Strategic Petroleum Reserves. However, this extraction of crude oil will be done only after consulting with major crude oil consuming nations, including America, China, Japan and South Korea.

With the increase in the availability of crude oil in the market, its prices are likely to come down.

Fuel rates in other Indian cities:

In India, petrol and diesel prices depend on various factors like demand for fuel, valuation of INR against USD, consumption ratio of refineries and more. In addition to this, fuel rates differ from state to state due to value-added tax (VAT) and freight charges. Notably, Bhopal and Jaipur are the two cities that levy higher VAT on fuel as compared to other cities and states.

In Bhopal, petrol is being sold at Rs 107.23 per litre, after a cut of Rs 6.27, while diesel costs Rs 90.87 per litre.

Meanwhile, petrol costs Rs 82.96 per litre in Andaman and Nicobar, the cheapest in the country. Similarly, In Itanagar, people have to shell out Rs 92.02 for one litre of petrol.

Petrol and Diesel prices in major Indian cities: