Despite the sharp spike in crude oil prices due to the escalating tension of Russia’s attack on Ukraine, petrol and diesel prices remained unchanged in India on Tuesday, March 1. Fuel prices did not move for the 115th day in a row. This has been the longest stagnation in fuel prices since the introduction of the daily price revision policy in 2017.
As per the update by state-run Indian Oil Corporation Limited (IOCL) at 6 am on Monday, the price for a 1 litre of petrol in the national capital was Rs 96.41 whereas diesel was retailing at Rs 86.67 per litre.
Fuel retail prices have remained unchanged since the last update in November 2021 when the central government had announced an excise duty cut to offer respite to the customers from soaring prices. The excise duty correction resulted in a price fall of Rs 5 per litre for petrol and Rs 10 per litre for diesel in the retail market.
The central government’s decision was followed by several states announcing an additional cut in value-added tax (VAT) to extend more benefits to customers. Fuel prices have remained constant since then.
Here is the Full List of Petrol and Diesel Prices on March 1
Delhi
Petrol price- Rs 95.41 per litre
Diesel price – Rs 86.67 per litre
Mumbai
Petrol price – Rs 109.98 per litre
Diesel price- Rs 94.14 per litre
Chennai
Petrol price – Rs 101.40 per litre
Diesel price – Rs 91.43 per litre
Bengaluru
Petrol price – Rs 100.58 per litre
Diesel price – Rs 85.01 per litre
Kolkata
Petrol price – Rs 104.67 per litre
Diesel price – Rs 89.79 per litre
Hyderabad
Petrol price – Rs 108.20 per litre
Diesel price – Rs 94.62 per litre
Thiruvananthapuram
Petrol price – Rs 106.04 per litre
Diesel price – Rs 93.17 per litre
Lucknow
Petrol price – Rs 95.28 per litre
Diesel price – Rs 86.80 per litre
Jaipur
Petrol price – Rs 106.64 per litre
Diesel price – Rs 90.32 per litre
Bhubaneswar
Petrol price – Rs 101.81 per litre
Diesel price – Rs 91.62 per litre
Since India is dependent on oil imports to meet 85 per cent of its domestic needs, the retail fuel prices are linked to international crude rates and the Rupee to Dollar conversion scenario. The final prices also depend on factors like taxes, refining and other costs involved in taking crude oil to customers in the form of petrol and diesel.
Read all the Latest News, Breaking News and Assembly Elections Live Updates here.