6 January 2023: Oil Rates Remains Constant Since 7 Months!

6 January 2023: Oil rates been constant since May 2022, No changes has been seen on 6 January 2023. Despite that, 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.

However, 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.

Petrol & Diesel Rates In The Cities

Mumbai and the national capital Delhi has Petrol rates at ₹ 106.31 per litre and ₹96.72 per litre respectively. Diesel costs about ₹94.27 per litre and Rs 89.62 per litre respectively. 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.

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, 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.

Also Read: 5 January 2023: No Changes Seen in Oil Rates!

On August 24, Meghalaya increased the VAT on the fuel price resulting petrol to cost ₹96.83 per lite in Shillong, whereas, diesel is at ₹84.72 per litre. The city has been the last to change the fuel rates.

-Bharat Express