July5 , 2022

Petrol, Diesel Prices Drop After Excise Duty Cut; Check Fuel Rates in Your City Today

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Fuel prices remain unchanged for more than the duration of a month on Thursday, June 23. Oil Marketing Companies have kept the retail price of petrol and diesel steady since May 21. Last month, Union Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and on diesel by Rs 6 per litre.

On Thursday, the petrol price in Delhi is Rs 96.72 a litre as compared to Rs 105.41 per litre, earlier; while the retail price of diesel in the national capital is Rs 89.62 a litre as against Rs 96.67 per litre earlier. In Mumbai, petrol consumers will be paying Rs 111.35 per litre, while diesel consumers in the financial capital will be paying Rs 97.28 per litre. Petrol price in Kolkata is at Rs 106.03 per litre, while diesel price in the capital city of West Bengal is at Rs 92.7 per litre. Retail price of petrol in Chennai on Thursday is Rs 102.63 per litre, while retail price of diesel is Rs 94.24 per litre.

Revision of petrol and diesel prices in the country is done by public sector OMCs like Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation Ltd (IOCL), and Bharat Petroleum Corporation Ltd (BPCL). Changes in prices of petrol and diesel are implemented with effect from 6AM daily. The revision of fuel price depends on several factors including international crude oil prices and foreign exchange rates. Price of petrol and diesel is also different across the states, due to local factors like state taxes, VAT (Value Added Tax), freight charges, among others.

Following the move by the central government where significant cuts in the excise duty were made to bring down the price of fuel prices, several state governments reduced VAT on petrol and diesel as well. Maharashtra state government slashed the local VAT on petrol by Rs 2.08 per litre and on diesel by Rs 1.44 per litre. The state government of Odisha announced relaxations on local taxes on petrol and diesel by Rs 2.23 and Rs 1.36 a litre respectively. The state government of Rajasthan reduced the VAT on petrol by Rs 2.48 per litre and diesel by Rs 1.16 per litre. Meanwhile, the Kerala state government announced reductions in the local tax on the prices of petrol and diesel by Rs 2.41 and Rs 1.36 per litre respectively.

Petrol, Diesel Prices on June 23, in Delhi, Chennai and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre

Diesel: Rs 94.24 per litre

Bhopal

Petrol: Rs 108.65 per litre

Diesel: Rs 93.90 per litre

Hyderabad

Petrol: Rs 109.66 per litre

Diesel: Rs 97.82 per litre

Bengaluru

Petrol: Rs 101.94 per litre

Diesel: Rs 87.89 per litre

Guwahati

Petrol: Rs 96.01 per litre

Diesel: Rs 83.94 per litre

Lucknow

Petrol: Rs 96.57 per litre

Diesel: Rs 89.76 per litre

Gandhinagar

Petrol: Rs 96.63 per litre

Diesel: Rs 92.38 per litre

Thiruvananthapuram

Petrol: Rs 107.71 per litre

Diesel: Rs 96.52 per litre.

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