Petrol-diesel prices
12 May 2023: The petrol and diesel prices continued to stagnate on 12 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 prices
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.
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.
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
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Crude Oil in Global Market
Despite unchanged oil prices 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.
Public sector Oil Marketing Companies (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. Any changes in petrol and diesel costs are implemented from 6 am every day. 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.
