24 March 2023: Fuel Rates Remain Constant Today, Check Prices In Your City

24 March 2023: The fuel rates continued to stagnate on 24 March 2023 i.e. Friday for consecutive eight months.

Reduction in 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 21^st May 2022.

Fuel rates

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

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

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

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

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VAT

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 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.