The prices of the two primary automotive fuels in the country– petrol and diesel– have remained constant since the last year. This is the courtesy of a price freeze put in place by the Central government in light of the losses incurred by the Oil Marketing Companies (OMCs) in the wake of the pandemic and the Russo-Ukraininan conflict. With the government defending the price freeze, stating the price of fuels in India is one of the lowest in the world, and OMCs saying that they are yet to recover the losses from the past couple of quarters, the price freeze is likely to continue.
The last time the prices of petrol and diesel saw a change in India was on May 21 this year when the government slashed the excise duty on the two fuels.
With the price freeze continuing, costs of petrol and diesel remained stagnant throughout the country on Monday, January 2 as well.
The only metropolitan city in India where the cost of petrol did not retail at greater than Rs 100 was Delhi, where a litre of petrol retailed at Rs 96.72. Among the metropolitan cities in India, a litre of petrol was the most expensive in Mumbai, where the fuel was being sold at Rs 106.31. In Kolkata, the price of the same quantity of fuel was lower by just Rs 0.28, trading at Rs 106.03. In Chennai, a litre cost of petrol retailed at Rs 102.73.
Owners of diesel vehicles were better off in terms of fuel prices. Diesel cost Rs 89.62 per litre in Delhi and Rs 94.27 in Mumbai. In Kolkata, the fuel cost Rs 92.76 per litre, while in Chennai, the same quantity of the fuel was retailing at Rs 94.24.
Find fuel rates in different cities in India on January 2 here:
Delhi
Petrol: Rs 96.72 per litre
Diesel: Rs 89.62 per litre
Chennai
Petrol: Rs 102.73 per litre
Diesel: Rs 94.33 per litre
Kolkata
Petrol: Rs 106.03 per litre
Diesel: Rs 92.76 per litre
Mumbai
Petrol: Rs 106.31 per litre
Diesel: Rs 94.27 per litre
Bengaluru
Petrol: Rs 101.94 per litre
Diesel: Rs 87.89 per litre
Lucknow
Petrol: Rs 96.57 per litre
Diesel: Rs 89.76 per litre
Bhopal
Petrol: Rs 108.65 per litre
Diesel: Rs 93.90 per litre
Gandhinagar
Petrol: Rs 96.63 per litre
Diesel: Rs 92.38 per litre
Hyderabad
Petrol: Rs 109.66 per litre
Diesel: Rs 97.82 per litre
Thiruvananthapuram
Petrol: Rs 107.71 per litre
Diesel: Rs 96.52 per litre
The price of petrol and diesel varies by state and region in India largely due to the charges levied by the state governments on these fuels, Primary among such additional fees is the Value Added Tax (VAT). Globally, the price of crude oil, and fuels derived from it, fluctuates every day due to changes in exchange rate, supply and demand factors, and even policy decisions.
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