Petrol And Diesel Price Update: On September 1, the price of petrol and diesel remained the same in New Delhi, Kolkata, Mumbai, and Chennai. Over the past few months, prices for petrol and diesel have been stable. Individual cities, however, experience daily pricing changes.
State-by-state variations in the cost of fuel and diesel can be attributed to factors like Value Added Tax (VAT), freight costs, local levies, etc.
On May 21 of last year, the Finance Minister reduced the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre, resulting in the final nationwide revision of fuel prices. Since the national government slashed excise duty in May 2022, some states have also lowered the VAT on fuels, while others have levied cess on petrol and diesel.
Price of Petrol And Diesel in metropolitan cities:
In Delhi, the price of petrol is currently Rs 96.72 a litre, while the price of diesel is Rs 89.62 per litre. Diesel costs Rs 94.27 per litre in Mumbai, while petrol is at a higher price of Rs 106.31 per litre. Diesel costs Rs 92.76 per litre in Kolkata, while the price of petrol is Rs 106.31 per litre. Diesel can be purchased in Chennai for Rs 94.24 per litre while petrol prices Rs 102.63 per litre.
Oil Marketing Companies (OMCs) in the public sector, such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL), regularly adjust their petrol and diesel prices in accordance with foreign exchange rates and benchmark pricing. Every day at six in the morning, any changes to the price of fuel and diesel go into effect. Oil Minister Hardeep Singh Puri stated a few months ago that “oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter.”
