08 February 2023: No Change In Fuel Rates
08 February 2023: The oil rates held constant on 08 February 2023 i.e. Wednesday for consecutive 8 months in a row.
Reduction of Excise Duty
The last country-wide fluctuations in oil prices were observed as the finance minister, Nirmala Sitharaman 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.
Kerala Minister On Oil Price
Kerala Finance Minister KN Balagopal also announced a cess on petrol, diesel and liquor in the second full budget of the LDF government on Thursday.
A social security cess of Rs 2 per litre will be slapped on petrol and diesel.
Oil Rates in cities
Oil rates in Mumbai and the national capital Delhi has Petrol rates at Rs 106.31 per litre and Rs 96.72 per litre respectively. Diesel costs about Rs 94.27 per litre and Rs 89.62 per litre respectively.
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.
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 106.31 per litre, Diesel rate: Rs 94.27 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: Reliance Unveiling First Hydrogen Combustion Engine Technology For Heavy-duty Trucks In India
Value-Added Tax On Oil Rates
Any changes in petrol and diesel costs are implemented from 6 am daily. 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.
On August 24, Meghalaya increased the VAT on the fuel price resulting in petrol costing 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 factors like freight charges, Value-Added Tax (VAT), local taxes, etc.
