Despite a sharp fall in global oil prices, petrol and diesel prices in India have remained unchanged for about a fortnight in many cities. The central government had last month effected a sharp hike in excise duty on both petrol and diesel last month. Meanwhile, due to the 21-day lockdown, fuel demand in India has seen a big dip. Petrol and diesel retailed at ₹69.59 and 62.29 per litre respectively in Delhi today.
State-run oil marketing companies have sold about 17% less petrol and about 26% less diesel in March compared to a year ago, Reuters reported, citing sources. State companies – Indian Oil, HPCL and BPCL – own about 90% of India’s retail fuel outlets.
In India, the retail price of petrol and diesel depends on international product prices and other market conditions.
