Petrol and diesel prices have held steady in most major Indian cities on Saturday, according to Goodreturns.
The petrol rate in the national capital remained unchanged at ₹96.72, while diesel continued to be sold at ₹89.62. Similarly, Mumbai’s prices for petrol and diesel stood at ₹106.31 and ₹94.27, respectively. While some cities, including Noida, Gurugram, and Lucknow, saw minor fluctuations in prices, the overall trend remained relatively stable compared to yesterday.
Looking at the prices in other cities: cost of one litre of petrol in Noida is ₹ 96.76, while diesel is priced at ₹ 89.76. In Gurugram, petrol costs ₹ 96.79 per litre, and diesel rate stands at ₹ 89.79 per litre. Meanwhile, in Lucknow, petrol can be bought at ₹ 96.48 per litre, and diesel at ₹ 89.76 per litre.
Petrol and diesel prices in India are subjected to change based on global crude oil prices, and it is the responsibility of India’s major oil marketing companies such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum to revise these prices accordingly.
Generally, if international crude oil prices rise, there will be a corresponding increase in petrol and diesel rates in India, while a decrease in crude oil prices would lead to lower fuel prices in the country. Overall, India’s fuel prices are closely tied to the fluctuations of the global crude oil market.
Since 2017, oil marketing companies in India have been adjusting fuel retail prices daily at 6 am, based on the prevailing global crude oil prices. This marks a significant departure from the previous system, under which petrol and diesel prices were revised every two weeks.