Fuel price remains constant
Petrol and Diesel Prices
In India, the price of petrol and diesel is updated every day. Every day at six in the morning, prices are updated. This ensures that petrol and diesel consumers and dealers can be informed of even minute changes in global oil prices.
State-owned Oil Marketing Companies (OMCs) including Bharat Petroleum, Indian Oil, and Hindustan Petroleum set fuel prices, which are then regulated by the PPAC (Petroleum Planning and Analysis Cell), a department of the Ministry of Petroleum and Natural Gas. Excise tax, value-added tax (VAT), and dealer commission are all included in the fuel price.
From state to state, VAT varies. The retail selling price of petrol increases by over a quarter when excise tax, dealer commission, and VAT are included. Numerous factors impact the cost of fuel. These include the rate at which the rupee to the US dollar is exchanged, the price of crude oil, global cues, the demand for fuel, and so on. Prices rise in India as crude oil prices rise globally.
CITY | PETROL PRICE (Rs/LITRE) | DIESEL PRICE (Rs/LITRE) |
| NOIDA | 96.79 | 89.96 |
| GURUGRAM | 97.18 | 90.05 |
| BENGALURU | 101.94 | 87.89 |
| CHANDIGARH | 96.20 | 84.26 |
| JAIPUR | 108.48 | 93.72 |
Some states have reduced the VAT on fuels after Nirmala Sitharaman, the finance minister, reduced the excise duty on gasoline and diesel by 8 and 6 rupees per litre, respectively, in May 2022. Other states, like Punjab and Kerala, have levied fuel cess.
Oil was on course for its fourth consecutive monthly decline as worries over tighter monetary policy and growing US stocks outweighed hope for improving demand in the main importer China. Rising US stocks, which are at their biggest level since May 2021, have also been a drag on oil prices.
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