5 January 2023: No Changes Seen in Oil Rates!

5 January 2023: Oil rates been constant since seven months in a row. However, price of crude oil has seen several changes since May 2022. Union Finance Minister Nirmala Sitharaman on May 21th 2022, reduced the excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre across the entire country. In Delhi, the cost of petrol is ₹96.72 and that of diesel is ₹89.62 a litre, respectively. Petrol costs ₹106.31 per litre in Mumbai while diesel costs ₹94.27.

Despite of unchanged rates, crude oil has seen several variations, the price of Brent crude has fallen by about $3. Its can effect on Wednesday morning on the retail prices of petrol and diesel issued by government oil companies and today oil has become cheaper in many cities.

Check The Oil Rates

Amid the constant fuel prices, cities like 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.

In Kolkata, the cost of petrol is ₹106.03 and that of diesel is ₹92.76 a litre, respectively. Petrol costs ₹102.63 per litre in Chennai while diesel costs ₹94.24. In Bengaluru, it’s ₹101.94 for a litre of petrol and ₹87.89 for a litre of diesel.

Also Read: Oil Price: Petrol-Diesel Price Remains Unchanged Today; Check The Oil Rates; Variations In Crude Oil

VAT On Fuel Prices

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, the 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.