On Saturday, April 16, 2022, petrol and diesel prices remained unchanged for the tenth consecutive day in four metros.
The last revision of fuel tariffs was on April 6, when petrol and diesel prices were increased by 80 paise per liter, which was the 14th increase since March 22. After those successive increases, petrol and diesel had become more expensive in total Rs 10 liters in total.
Selling prices in Delhi were Rs 105.41 for 1 liter of petrol while the diesel price was Rs 96.67.
In Mumbai, petrol retails for 120.51 per liter while diesel is sold for Rs 104.77 per litre. Fuel prices are the highest in Mumbai of all four metro cities. Value-added tax (VAT) is levied by the state, so the retail price of fuel varies from state to state.
Fuel prices remained unchanged for 4 months – between November 4, 2021 and March 22, 2022 – due to parliamentary elections scheduled in key states from January to March 2022.
Oil retailers will resume fuel tariff revisions on March 22, 2022.
State-run oil refineries revise rates daily based on the Dynamic Fuel Price Methodology, which is based on various factors such as international crude oil prices, the exchange rate of the rupee against the dollar, actual and projected demand and the flow of trade in global crude oil. markets.
In additional, centralized tax or excise, value-added tax (VAT) — which varies from state to state, and includes retailer commission to derive from the retail price of fuel — more than 57 percent of the retail fuel price per liter goes to taxes , duties, cess and dealer margins. So those costs include determining the final retail price of fuel at gas pumps.
Any changes in petrol and diesel prices will be implemented daily from 6am.
PTI reported on Thursday that petroleum minister Hardeep Singh Puri had urged states to cut VAT on petrol and diesel to ease consumers.