Commodities
India's Petrol Prices Remain Steady Amid Exchange Rate Volatility
The current petrol price in India is Rs 102.12 per liter in Delhi and Rs 103.54 per liter in Mumbai. In Chennai and Kolkata, the prices are Rs 107.74 and Rs 113.51 respectively. The country imports about 80% of its oil needs, which affects domestic pump rates. Central excise duty, value-added tax (VAT), dealer and refining margins, and transportation costs also influence petrol prices.
The rupee's value has a significant impact on fuel prices. A weak rupee increases the landed cost of dollar-denominated crude oil, leading to higher petrol prices. Petrol and diesel prices are reviewed daily in line with the benchmark international rate of the preceding 15 days.