8 January 2023: Crude Oil Price Decrease In International Market; Oil Rates Stable In India

8 January 2023: Indian oil marketing companies have released the latest prices of petrol and diesel today amidst the ongoing decrease in the price of crude oil in the international market. Despite that, the petrol and diesel prices remain constant today for the 232nd day in a row on Sunday i.e. 8 January 2023 . There has been a decline in the price of crude oil in the international market. The price of WTI crude has gone down to $78 per barrel and that of Brent crude is at $85 per barrel.

Oil Rates In Different Cities

Amid the constant fuel prices, cities like Mumbai and the national capital Delhi have 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 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 Bengaluru, it’s Rs 101.94 for a litre of petrol and Rs 87.89 for a litre of diesel.

City

Petrol

Diesel

Bengaluru	101.94	87.89
Bhubaneswar	103.19	94.76
Chandigarh	96.2	84.26
Chennai	102.63	94.24
Gurgaon	96.84	89.72
Hyderabad	109.66	97.82
Jaipur	109.39	94.55
Kolkata	106.03	92.76
Lucknow	96.33	89.53
Mumbai	106.31	94.27
New Delhi	96.72	89.62
Noida	96.59	89.76
Patna	107.24	94.04
Thiruvananthapuram	107.71	96.52

Union FM Nirmala Sitharaman on May 21th 2022, reduced the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre across the entire country. In Delhi, the cost of petrol is Rs 96.72 and that of diesel is Rs 89.62 a litre, respectively. Petrol costs Rs 106.31 per litre in Mumbai while diesel costs Rs 94.27.

Also Read: 7 January 2023: Ahead Of 231st Day, No Changes Seen In Oil Rates

Value Added Tax

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.

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

-Bharat Express