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

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posted on 1 year ago — updated on 1 second ago

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The excise duty cut will translate into a reduction of Rs 9.5 a litre on petrol in Delhi and Rs 7 a litre in diesel after taking into account its impact on other levies.

Petrol, Diesel Prices on Wednesday: Third day in a row the prices of petrol, and diesel were kept unchanged on Wednesday after the finance minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on Saturday. The excise duty cut will translate into a reduction of Rs 9.5 a litre on petrol in Delhi and Rs 7 a litre in diesel after taking into account its impact on other levies. In Mumbai, one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day. Retail petrol and diesel prices differ from state to state on account of local taxes like VAT or freight charges. After the Central government’s decision to cut excise duty, several state governments slashed VAT on petrol and diesel.

Following the central govwenment’s announcement on excise duty cut, the Kerala government announced a cut in tax on the prices of petrol and diesel by Rs 2.41 and Rs 1.36 per litre respectively. The Rajasthan government has reduced VAT on petrol by Rs 2.48 per litre and diesel by Rs 1.16 per litre. The Maharashtra government reduced VAT on one per litre petrol by Rs 2.08 and diesel by Rs 1.44 per litre. The Odisha government also reduced taxes on petrol and diesel by Rs 2.23 and Rs 1.36 a litre respectively.

Oil prices steadied on Tuesday after choppy trade as tight supply worries offset concerns over a possible recession and China’s COVID-19 curbs. Brent crude rose 14 cents to settle at $113.56 a barrel. U.S. West Texas Intermediate (WTI) crude fell 52 cents to settle at $109.77 a barrel. Oil has surged this year with Brent hitting $139 in March, the highest since 2008, after Russia’s invasion of Ukraine exacerbated supply concerns.

Petrol, Diesel Prices on Wednesday, May 25, in Delhi, Mumbai, 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