Fuel rates remain unchanged
19 March 2023: The fuel rates continued to stagnate on 19 March 2023 i.e. Saturday for consecutive eight months.
The finance minister, Nirmala Sitharaman has reduced the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre across the country on 21st May 2022.
Fuel rates
Chennai: Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litre
Kolkata: Petrol rate today: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litre
Mumbai: Petrol rate: Rs 106.15 per litre, Diesel rate: Rs 92.67 per litre
Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litre
Bangalore: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre
Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre
Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per litre
Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per litre
Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litre
Also Read: 18 March 2023: Petrol-Diesel Price Remains Constant, Check Rates Of Cities
Crude oil in Global Market
Despite unchanged fuel rates in the country, crude oil has seen several fluctuations in the global market as well. A slight softening is being seen in the price of crude oil in the international market. After the decline, WTI crude has reached nearly $79 per barrel and Brent crude is near $85.26 per barrel.
Value-Added Tax
Any changes in petrol and diesel costs are implemented from 6 am every day. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their prices daily in line with international benchmark prices and forex rates.
Since the central government reduced excise duty, some states have reduced VAT prices on fuels.
Oil Minister Hardeep Singh Puri recently asked OMCs to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down and also if OMCs under recovery come down. OMCs incurred a loss of Rs 21,200 crore on account of selling petrol and diesel below the cost price.
