Lagatar24 Desk
New Delhi, Apr 1: After eight days of climbing costs, fuel prices remained constant on Friday. Petrol and fuel prices have been revised nine times in the last 11 days.
In national capital Delhi, a litre of petrol costs Rs. 101.81 while diesel costs Rs. 93.07.
In Mumbai, petrol costs Rs.116.72 a litre, while diesel costs Rs. 100.94. Mumbai has the highest fuel prices among metro cities. Because of the value-added tax, prices differ between states.
Despite the rise in crude oil prices, fuel prices have remained stable for over four months. On March 22, the rate revision came to an end. After nine rate changes, the price of petrol and diesel has increased by 6.40 per litre in total.
According to Moody’s Investors Services, state merchants collectively lost roughly $2.25 billion (Rs 19,000 crore) in revenue due to the holding of petrol and diesel prices throughout the election period.
During the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa, and Manipur, the rates were held steady.
State-run oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust fuel prices on a daily basis, taking into account international crude oil prices and rupee-dollar exchange rates. Every day at 6 a.m., any adjustments in gasoline and diesel prices take effect.
India relies on imports for 85 percent of its oil needs, and domestic petrol and diesel prices are tied to international rates.
