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

Fuel prices will remain unchanged for more than a month on Thursday, June 23. Oil marketing companies have been keeping the retail price of petrol and diesel stable since May 21. Last month, Union finance minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per liter, and on diesel by Rs 6 per liter.

On Thursday, the petrol price in Delhi is Rs 96.72 per liter compared to Rs 105.41 per liter, earlier; while the retail price of diesel in the national capital is Rs 89.62 per liter as opposed to Rs 96.67 per liter previously. In Mumbai, petrol consumers pay Rs 111.35 per litre, while diesel consumers in the financial capital pay Rs 97.28 per litre. The petrol price in Kolkata is Rs 106.03 per liter while the diesel price in the capital of West Bengal is Rs 92.7 per liter. The retail price of petrol in Chennai on Thursday is Rs 102.63 per liter while the retail price of diesel is Rs 94.24 per litre.

The review of petrol and diesel prices in the country is being done by public sector OMCs such as Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL). Petrol and diesel price changes are implemented daily from 6 a.m. The fuel price revision depends on several factors, including international crude oil prices and exchange rates. The price of gasoline and diesel also varies between states, due to local factors such as state taxes, VAT (Value Added Tax), freight charges, among others.

Following the central government’s decision to significantly cut excise duties to lower fuel prices, several state governments have also reduced VAT on petrol and diesel. The state government of Maharashtra reduced the local VAT on petrol by Rs 2.08 per liter and on diesel by Rs 1.44 per liter. The state government of Odisha announced easing of local taxes on petrol and diesel at Rs 2.23 and Rs 1.36 per liter respectively. The state government of Rajasthan reduced VAT on petrol by Rs 2.48 per liter and diesel by Rs 1.16 per liter. Meanwhile, Kerala state government announced reductions in the local tax on petrol and diesel prices of Rs 2.41 and Rs 1.36 per liter respectively.

Gasoline, diesel prices on June 23 in Delhi, Chennai and other major cities in India:

Delhi

Gasoline: Rs 96.72 per litre

Diesel: Rs 89.62 per liter

Mumbai

Gasoline: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Gasoline: Rs 106.03 per litre

Diesel: Rs 92.76 per liter

Chennai

Gasoline: Rs 102.63 per litre

Diesel: Rs 94.24 per liter

Bhopal

Gasoline: Rs 108.65 per litre

Diesel: Rs 93.90 per liter

Hyderabad

Gasoline: Rs 109.66 per litre

Diesel: Rs 97.82 per liter

Bengaluru

Gasoline: Rs 101.94 per litre

Diesel: Rs 87.89 per litre

Guwahati

Gasoline: Rs 96.01 per liter

Diesel: Rs 83.94 per liter

Lucknow

Gasoline: Rs 96.57 per litre

Diesel: Rs 89.76 per litre

Gandhinagar

Gasoline: Rs 96.63 per liter

Diesel: Rs 92.38 per liter

Thiruvananthapuram

Gasoline: Rs 107.71 per litre

Diesel: Rs 96.52 per litre.

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