Petrol, diesel prices remain steady on Monday, respite in sight as crude slides

Petrol and diesel prices remain unchanged on Monday, the fifth time in a row since the Indian oil marketing companies restarted daily price revision on March 22. The price of petrol in Delhi on Monday stands high at ₹105.41 per litre and diesel price at ₹96.67 per litre. Petrol and diesel prices in Mumbai currently stand at ₹120.51 a litre and ₹104.77 per litre. The pause in daily price hikes comes as a relief to the motorists and common people.

Interestingly, with the crude oil price sliding in the international market, it seems a respite is coming in terms of daily petrol and diesel price hikes. Petrol and diesel prices shot to the sky-high levels last year before November. In early November 2021, the central government announced a reduction in excise duty for motor fuels. This resulted in a slash in the price for both petrol and diesel. Following that, several state governments too announced VAT rate cuts, which took the price of petrol and diesel considerably lower. Since then the oil marketing companies kept the pricing of petrol and diesel on hold.

However, with the results of the five state assembly elections announced, the oil marketing companies again resumed price hikes, breaking a four and half month hiatus. After the price revision resumed last month, in just two weeks, both petrol and diesel prices were increased by ₹10 a litre for each fuel putting pressure on the motorists and common people as well.

The government blamed the relentless hike in crude oil prices in the international market for the petrol and diesel price surge in India. At one point, crude oil prices hit $139 per barrel a few days ago, in the light of the Russia and Ukraine war. However, the Brent crude has fallen 38 cents to $102.40 a barrel while US crude lost 16 cents to $98.18.