Petrol Price high, Russia Ukraine war effect: Check latest rate

Petrol Price high: International oil prices surged, with Brent crude futures breaching $100 a barrel for the first time since 2014 on Thursday as Russia attacked Ukraine, leading to concerns that a war in Europe could disrupt global energy supplies. Petrol Price high, Russia Ukraine war effect: Check latest rate.

Brent crude hit a high of $102.48 a barrel, the highest since September 2014, and was at $102.06 a barrel, up $5.22, or 5.4 per cent. US West Texas Intermediate (WTI) crude futures jumped $4.85, or 5.3 per cent, to $96.95 a barrel, after rising to as much as $97.40, the highest since August 2014.

Petrol price remained unchanged for 111 days in a row across metro cities on Thursday, February 24, 2022. This is the longest duration when the rates have remained static, ever since the daily revision of prices began in June 2017. Earlier, there was an 82-day break in rate revision between March 17, 2020 and June 6, 2020, when the nation-wide lockdown was in place to contain Covid-19 spread.

The central government had cut excise duty on November 4, 2021, to give relief from prices that had reached an all-time high levels. The government had slashed the duty on petrol by Rs 5 per litre and on diesel by Rs 10 a litre, leading to a substantial reduction in prices of fuel.

Later in December 2021, the Delhi government had reduced the value-added tax on petrol from 30 per cent to 19.40 per cent. With this, petrol prices in the national capital were slashed by Rs 8.56 per litre. A litre of petrol costs Rs 95.41 in Delhi, while diesel rates stand at Rs 86.67 per litre. In Mumbai, petrol is retailed at Rs 109.98 per litre, while diesel is being sold at Rs 94.14 per litre. Among the metro cities, fuel rates are still the highest in Mumbai. Fuel prices vary across the states due to value-added tax or VAT.

Here are the petrol and diesel price across the metro cities:

Delhi – 95.41- 86.67

Mumbai- 109.98- 94.14

Chennai- 101.40- 91.43

Kolkata- 104.67- 89.79.

Also Read: Ukrain Russia War: Gold Rate Jump today, Rs 2,250 high for 10 grams

State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.