Business

05 May 2023: Petrol And Diesel Rates Remain Unchanged Today, Check Prices Of Your City

05 May 2023: The petrol and diesel prices continued to stagnate on 05 May 2023 i.e. on Friday for consecutive ten months.

Reduction of excise duty

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.

Petrol and Diesel rates

In the national capital, the petrol rates at Rs 96.72 per litre and diesel costs Rs 89.62 per litre. Whereas, in Kolkata, the cost of petrol is Rs 106.03 and that of diesel is Rs 92.76 a litre, respectively. Petrol costs Rs 102.63 per litre in Chennai while diesel costs Rs 94.24. In Bangalore, it’s Rs 101.94 for a litre of petrol and Rs 87.89 for a litre of diesel.

Petrol price in Maharashtra has decreased by Rs 1.02 to Rs 106.15 per litre. While diesel is being sold here at Rs 92.67 per litre, down by 99 paise.

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: Around 163 Indian Firms Across US, Collectively Generated $40 Billion Investments: Report

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.

On August 24, Meghalaya increased the VAT on the fuel price resulting in petrol to cost Rs 96.83 per litre in Shillong, whereas, diesel is at Rs 84.72 per litre. The city has been the last to change the fuel rates.

On January 8, 2023, the Himachal Pradesh government increased the Value-Added Tax (VAT) on diesel by Rs 3 per litre. On the other hand, the government reduced the taxes on petrol by 0.55 paise. Retail petrol and diesel prices vary from state to state, depending on several factors like freight charges, Value-Added Tax (VAT), local taxes, etc.

Alina Khan

Recent Posts

Centre Disburses Rs 1,162 Crore Under Telecom PLI Scheme

The Central government has disbursed ₹1,162 crore under the Telecom PLI Scheme till 31 March,…

2 hours ago

UAE Expands Visa-On-Arrival Policy For Indian Citizens To Boost Bilateral Ties

Under the revised rules, Indian passport holders with valid residence permits from Australia, Canada, Japan,…

4 hours ago

India’s Flavours, Culture & Heritage To Grace New York At ‘NMACC India Weekend’

India is all set to bring its essence of aroma, taste, and culture to the…

5 hours ago

Home Minister Amit Shah Rules Out Talks With Maoists Holding Weapons

Union Home Minister Amit Shah reaffirmed the Centre’s commitment to end Naxalism by 31 March…

5 hours ago

Gold, Silver Prices Fall Sharply This Week; Global Trends, Geopolitical Easing Behind Dip

There is some relief for buyers as gold and silver prices dropped notably this week.…

6 hours ago

Ethanol Blending Boosts Farmers’ Income, Saves Rs 1.36 Lakh Crore In Forex: Hardeep Puri

India’s ethanol blending programme has reduced the country's dependence on crude oil imports and increased…

7 hours ago