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Petrol and diesel price March 8: Fuel rates unchanged even as crude boils; check price in Delhi, Mumbai here

Petrol and Diesel Price Today in India: Petrol and Diesel Rate on March 8 were the same as yesterday keeping prices steady even as crude oil prices rise.

Petrol and Diesel Price in India, Petrol and Diesel Rate Today in India
Crude oil prices have soared to their highest since 2008. (Image: REUTERS)

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices were left untouched on March 8 by oil marketing companies (OMC) even as crude oil prices soared on the back of supply-demand imbalance. Petrol in the National Capital of Delhi currently retails at Rs 95.41 per litre while diesel in the city is priced at Rs 86.67 per litre. In Mumbai, a litre of petrol and diesel cost Rs 109.98 and Rs 91.09, respectively. Fuel prices have been stable since the central government cut excise duty to bring down retail rates from record highs in November last year. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates. 

OMCs have neither raised nor reduced petrol and diesel rates for nearly 100 days now while international oil prices remain volatile. The most recent change in the price of petrol and diesel prices came on December 1 in Delhi after the local government reduced the Value-Added Tax (VAT) on petrol from 30% to 19.40%. Any changes in petrol and diesel prices are implemented with effect from 6 am every day. Retail petrol, diesel prices differ from state to state on account of local taxes like VAT or freight charges. Analysts believe that the government may start revising prices soon to bridge the gap between domestic retail prices and international crude oil prices.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price– Rs 109.98 per litre, Diesel price – Rs 94.14 per litre

Delhi: Petrol price – Rs 95.41 per litre, Diesel price – Rs 86.67 per litre

Chennai: Petrol price – Rs 101.40 per litre, Diesel price – Rs 91.43 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

Bengaluru: Petrol price – Rs 100.58 per litre, Diesel price – Rs 85.01 per litre

Lucknow: Petrol price – Rs 95.02 per litre, Diesel price – Rs 86.56 per litre

Chandigarh: Petrol Price – Rs 94.23 per lire, Diesel price – Rs 80.90 per litre

Thiruvananthapuram: Petrol price – Rs 106.65 per litre, Diesel price – Rs 93.47 per litre

Noida: Petrol price – Rs 95.73 per litre, Diesel price – Rs 87.21 per litre

Gurugram: Petrol price- Rs 95.59 per litre, Diesel price- Rs 86.81 per litre

The fuel prices across key cities were collectively revised on November 4 after the Central government cut excise duties on petrol and diesel to bring down their retail rates from their record high gains. The government reduced excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre on November 3 to give relief to consumers from record-high retail fuel prices. The centre also urged states to cut VAT on the two auto fuels, following which several states announced VAT cuts.

Crude Oil prices boil

Crude oil prices hovered around their 14-year highs on Tuesday as investors gauged the possibility of a US ban on Russian oil imports. Brent crude futures rose by $1.06 to trade around $124.27 per barrel. Brent crude scaled fresh highs of $129 earlier in the week. On the other hand, US West Texas Intermediate (WTI) crude futures climbed 36 cents to sit at $119.72 a barrel, according to Reuters.

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