Fuel Rates Held Constant In Metros Except Chennai

There is a strong likelihood and in fact certain that in order to maintain their margins, OMCs in the country will increase fuel rates beginning this week. There is a revision already announced for Chennai fuel rates. Yesterday, the rate of petrol in the city of Chennai was at Rs. 101.51, while today it has again been brought down to Rs. 101.40 per litre. Similarly for diesel, which on Monday was priced in the city at Rs. 91.53 has come down in price to Rs. 91.43 per litre.

Further, reported there has been implemented reshuffle in the rates of fuel in some other cities in the country including Noida, Gurugram, Jaipur, Lucknow and Patna, News18 reported.

In Gurugram petrol is Rs 95.68 and diesel Rs 86.90 per litre; Noida petrol Rs 95.64 and diesel Rs 87.14 per litre; Jaipur petrol Rs 107.06 and diesel Rs 90.70 per litre; Lucknow petrol Rs 95.29 and diesel Rs 86.81 per litre; Patna petrol Rs 106.26 and diesel Rs 91.43.

From December 1 midnight, Delhi government slashed VAT of fuel and hence the price of petrol since then has been quoting at Rs. 95.41 per litre.

Crude rates boil to 14 year high

Crude prices at one point hitting even at $140 per barrel are still elevated and in trade today are up by close to 3 percent. The brent crude prices currently are at $126.8 per barrel. The rise has been on the back of ongoing Ukraine-Russia war and the US declaration of putting a ban on Russian oil markets.

So, as Indian fuel rate is decided in sync with international pricing, fuel rates that have held constant for quite a while in the country will start its upward trajectory from this week as the election season ends.