Prices of petrol and diesel have remained steady for more than 40 days now. Since the end of a four-and-a-half-month-long stop in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 a litre each through 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each.
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 a litre and diesel Rs 96.67 a litre.
In Mumbai, petrol and diesel prices are at Rs 120.51 and Rs 104.77 respectively. In Chennai, petrol costs Rs 110.85 and diesel Rs 100.94 . In Kolkata, petrol is at Rs 115.12 and diesel Rs 99.83.
Oil manufacturing companies (OMCs) began to raise retail prices of the fuel from March 22. In March, the hike was Rs 6.40 a litre each and in April the hike was Rs 3.60 a litre each. In May, there has been no change in prices, so far.
India meets 80 percent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices. OMCs adjust the rates of petrol and diesel every day, depending on the average price of benchmark fuel in the global market over the previous 15 days and foreign exchange rates.
It is at 6 am every day that changes in prices, if any, take effect. Check how petrol and diesel prices are calculated in India, and know how much of it is tax.
Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures.
Brent crude futures were up $1.15, or 1.0 percent, at $113.08 a barrel at 0042 GMT, while United States West Texas Intermediate (WTI) crude futures climbed $1.62, or 1.4 percent, to $114.02 a barrel, paring some losses after oil prices fell by around 2 percent in the previous session.
Domestically, Indian Oil Corporation (IOC) hiked jet fuel prices by 5 percent to Rs 1.23 lakh/kl in Delhi on May 16.
Indraprastha Gas (IGL) hiked the price of Compressed Natural Gas (CNG) by Rs 2 a kg in Delhi-NCR on May 15. With the latest hike, CNG is now priced at Rs 73.61 a kg in Delhi, Rs 76.17 a kg in Noida, and Rs 81.94 a kg in Gurugram.