Petrol and diesel prices remained unchanged for the 101st day in a row across metro cities on Monday, February 14, 2022. Since the daily revision of prices began in June 2017, this is the longest period when the rates have remained static.
Previously, when the national lockdown was in place, there was an 82-day break in rate revision between March 17, 2020 and June 6, 2020.

The central government reduced excise duty on November 4, 2021, to provide relief from historically high prices. The government reduced the duty on petrol by 5 cents per litre and on diesel by 10 cents per litre, resulting in significant reductions in fuel prices. 

Later that year, in December 2021, the Delhi government reduced the value-added tax on petrol from 30% to 19.40%. Petrol prices in the national capital have been reduced by 8.56 cents per litre as a result of this.

In Delhi, a litre of petrol costs 95.41 rupees, while diesel costs 86.67 rupees. In Mumbai, petrol costs 109.98 rupees per litre, while diesel costs 94.14 rupees per litre. Mumbai continues to have the highest fuel prices among metro cities. Fuel prices differ by state due to value-added tax, or VAT.

State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise fuel prices on a daily basis, taking into account international crude oil prices and rupee-dollar exchange rates. Any changes in petrol and diesel prices take effect at 6 a.m. every day.

India relies on imports for 85 percent of its oil needs, and domestic petrol and diesel prices are linked to international rates. However, despite a surge in international oil prices, petrol and diesel prices have remained unchanged for more than three months, ahead of elections in key states such as Uttar Pradesh and Punjab. Globally, oil prices rose, approaching their highest levels in more than seven years, on fears that a Russian invasion of Ukraine would trigger sanctions from the United States and Europe, disrupting energy exports from the world's top producer. Brent crude futures were trading at $95.73 per barrel, up $1.29, or 1.4%, from their intraday high of $95.91. West Texas Intermediate (WTI) crude in the United States rose $1.49, or 1.6%, to $94.59 per barrel, hovering near the session high of $94.92.