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

Oil Price: Petrol-Diesel prices have remained steady for the last consecutive seven months on 4 January 2023. 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.

Fuel Price In The Cities

Amid the constant fuel prices, cities like 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 ₹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: Petrol and Diesel Rate: Fuel Prices Unchanged

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.

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.

Rise In OMC’s Petrol Export

Export of petrol by Indian oil marketing companies (OMCs) rose 142 per cent in a year between 2020-21 and 2021-22. While there was a miniscule rise of less than 1 per cent in export of diesel during the same period.

According to official figures, the OMCs exported 668 thousand metric tonnes (TMT) of petrol in 2021-22, which was 142 per cent more than 276 TMT of petrol exported by the country in 2020-21.

In 2020-21, the OMCs exported 1,985 TMT of diesel, while in 2021-22, it exported 1,994 TMT of diesel, a growth of less than 1 per cent over the previous year.

The three OMCs, namely the Indian Oil Corporation, Hindustan Petroleum, and Bharat Petroleum Corporation, export petrol and diesel to several nations across the world.

OMCs export surplus petrol and diesel to other countries only after meeting domestic demand in the country.

-Bharat Express