21 January 2023: Oil rates remain constant today; check rates of cities

21 January 2023: The oil rates held steady on the consecutive 243^rd day in seven months on 21 January 2023, i.e. Saturday.

Excise Duty Cut: Finance Minister

On May 21 2022, 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.

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 near $79 per barrel and Brent crude is near $85 per barrel.

Oil Rates In The Cities

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

Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per litre

Bangalore: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre

Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per litre

Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre

Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litre

Value-Added Tax On Oil Rates

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.

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 several factors like freight charges, Value-Added Tax (VAT), local taxes, etc.

Also Read: 20 January 2023: Oil price stable in India; Global market to experience price hike