Petrol, Diesel Fresh Prices Announced On March 22: Know Fuel Rates In Your City – News18

Petrol and Diesel Prices Today On March 22, 2024: In the international market, at around 6 am on Friday, WTI crude was trading at $ 80.68 per barrel with a drop of 0.48%, while Brent crude was trading at $ 85.38 per barrel with a drop of 0.47%. Today, i.e. on March 22, there has been no change in the prices of petrol and diesel in the country.

In India, the pricing of petrol and diesel is subject to influences like freight charges, value-added tax (VAT), and local taxes, resulting in different rates across states.

Check city-wise petrol and diesel prices on March 22:

Petrol-diesel prices in metros (Petrol Diesel Prices)

After this cut, the price of petrol in the national capital (Petrol Price Today in Delhi) is now Rs 94.72 per liter, which was earlier Rs 96.72 per liter. Whereas diesel (Diesel Price In Delhi) is Rs 87.62 per liter, which was earlier Rs 89.62 per liter. Today petrol has become Rs 104.21 per liter in Mumbai, Rs 103.94 in Kolkata and Rs 100.75 per liter in Chennai. Whereas the price of diesel has become Rs 92.15 per liter in Mumbai, Rs 90.76 in Kolkata and Rs 92.34 per liter in Chennai.

Rajasthan Govt Reduces VAT

On Thursday, Rajasthan Chief Minister Bhajan Lal Sharma also announced a 2% reduction in the VAT rate on petrol and diesel in the state, starting from Friday. Sharma stated that this VAT cut would provide relief ranging from Rs 1.40 to Rs 5.30 on petrol and from Rs 1.34 to Rs 4.85 on diesel for buyers. Currently, the Rajasthan government imposes a VAT of 31.04% on petrol and 19.30% on diesel

In India, fuel prices have remained steady since May 2022, following a reduction in fuel taxes by the central government and several states.

Fuel retail prices are adjusted by OMCs daily at 6 am based on the global price of crude oil. The government oversees fuel prices through mechanisms such as excise tax, base pricing, and price caps.

Factors Affecting Petrol And Diesel Prices In India 

Crude oil price: The primary raw material for the production of petrol and diesel is crude oil, and as such, its price directly influences the ultimate cost of these fuels.

The exchange rate between the Indian rupee and the US dollar: As a major importer of crude oil, India’s petrol and diesel prices are also influenced by the exchange rate between the Indian rupee and the US dollar.

Tax: Various taxes on petrol and diesel are imposed by both the central and state governments. These taxes may differ across states, exerting a notable influence on the ultimate prices of petrol and diesel.

The cost of refining:

The final price of petrol and diesel is additionally influenced by the expenses incurred in refining crude oil into these fuels. The refining process can be costly, and the refining expenses may fluctuate based on factors like the type of crude oil utilised and the efficiency of the refinery.

The demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it can lead to higher prices.