Fuel rates were held steady on Tuesday, unchanged for 20 straight days across all metro cities since a hike of 80 paise per litre on April 6 in petrol and diesel prices.
That comes after a 14-times increase of a cumulative Rs 10 per litre in the petrol and diesel rate since price revisions restarted on March 22, following a near four-months hiatus.
Here are the updates on the petrol and diesel price on April 26, 2022:
In Delhi, a litre of petrol is retailed at ₹ 105.41, and diesel costs ₹ 96.67. In Mumbai, petrol is priced at ₹ 120.51 per litre, and diesel costs ₹ 104.77. In Chennai, petrol is sold at ₹ 110.85 a litre, and diesel costs ₹ 100.94. Petrol is sold at ₹ 115.12 in Chennai, and diesel is priced at ₹ 99.83.
But if the recent trend of rising Indian crude oil basket prices continues, oil retailers will be forced to hike pump prices.
State retailers set fuel prices each day based on the Dynamic Fuel Price Methodology.
The price revisions method, or the dynamic fuel price methodology, considers several factors such as international crude prices, the exchange rate of the rupee against the dollar, actual and expected demand, and the trade flow in global crude markets.
In addition, central tax or excise duty, value-added tax (VAT) – which varies from state to state, and retailer commission is included to derive from the retail price of fuel.
More than 57 per cent of the retail fuel price per litre goes towards taxes, duties, cess and dealer margins. So those costs included determining the final retail price of fuel at petrol pumps.
States decide on the value-added tax (VAT) varies across states, and Mumbai tops the metros’ list for the highest fuel prices.