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Crude oil prices have undergone a record decline, falling by nearly 9.4% in the last week. However, despite the decline, India witnessed no change in the cost of petrol and diesel. Since the government last reduced excise rates on both fuels on May 21, 2022, a price freeze has been in effect, ensuring that the country’s expenses for the two main vehicle fuels stay stable. Recently, there have been no price changes reported by oil marketing companies (OMCs), such as HPCL (Hindustan Petroleum Corporation Limited), IOC (Indian Oil Corporation), and BPCL (Bharat Petroleum Corporation Limited), who update the prices of the main motor fuels at 6 am every day.
Prior to this, observers had expressed their confidence that the price freeze would last until the enterprises had recovered from the damages brought on by supply and demand shocks in the preceding several quarters. On Monday, January 9, gas and diesel prices nationwide remained unchanged, continuing the pattern seen over the previous seven months.
Petrol continued to retail for more than Rs 100 in three of the four major Indian cities. The only major city where the price did not reach that level was Delhi, the nation’s capital. Here, a litre of petrol costs Rs. 96.72. The same amount of fuel was being sold in Mumbai, the financial hub of India, for Rs 106.31. In terms of exorbitant prices, Kolkata was a close second, with a litre of petrol costing Rs 106.03 in this city. One gallon of petrol cost Rs 102.73 in Chennai. On Monday, the price of diesel in Mumbai was Rs 94.27 cheaper per litre than it was in Delhi, which charged Rs 89.62. A litre of diesel cost Rs 94.24 in Chennai, the world’s car capital, while the same amount costs Rs 92.76 in Kolkata.
On January 9, this is the cost of petrol and diesel in several Indian cities:
Delhi
Petrol: Rs 96.72 per litre
Diesel: Rs 89.62 per litre
Chennai
Petrol: Rs 102.73 per litre
Diesel: Rs 94.33 per litre
Kolkata
Petrol: Rs 106.03 per litre
Diesel: Rs 92.76 per litre
Mumbai
Petrol: Rs 106.31 per litre
Diesel: Rs 94.27 per litre
Bengaluru
Petrol: Rs 101.94 per litre
Diesel: Rs 87.89 per litre
Lucknow
Petrol: Rs 96.57 per litre
Diesel: Rs 89.76 per litre
Bhopal
Petrol: Rs 108.65 per litre
Diesel: Rs 93.90 per litre
Gandhinagar
Petrol: Rs 96.63 per litre
Diesel: Rs 92.38 per litre
Guwahati
Petrol: Rs 96.01 per litre
Diesel: Rs 83.94 per litre
Hyderabad
Petrol: Rs 109.66 per litre
Diesel: Rs 97.82 per litre
Thiruvananthapuram
Petrol: Rs 107.71 per litre
Diesel: Rs 96.52 per litre.
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