Petrol and diesel prices remained constant for the eighth straight day on Wednesday. With the fuel rates remaining intact, petrol prices in New Delhi now stand at Rs 75.55 a litre, while diesel is sold for Rs 67.38 per litre. In Mumbai, petrol prices now stand at Rs 82.94, while diesel is being sold today for Rs 71.49 a litre. In Kolkata, petrol will be sold for Rs 78.23 today, while diesel for Rs 69.93 per unit. Similarly, petrol prices in Chennai stand at Rs 78.40 per litre, and diesel prices at Rs 71.12.
State-run oil marketing companies Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) revise fuel prices on a daily basis with effect from 6 am. Petrol prices in Delhi are the lowest among all metro cities for lower sales tax or VAT (Value Added Tax).
The last time when petrol, diesel prices were slashed across most cities was on June 26 when petrol price came down in the range of 14 to 18 paise, and diesel prices were cut in the range of 10-12 paise. The fuel prices have not risen since May 29 when the prices surged to record highs, then, on the back of high crude oil prices.
During this time, petrol prices have fallen by Rs. 2.88 a litre in Delhi from its peak of Rs. 78.43 on May 29. Similarly, diesel prices have come down by Rs. 1.93 a litre since May 29 when the fuel touched a high of Rs. 69.31. In Mumbai and Chennai, petrol prices were cut by Rs. 3.18 and Rs. 3.03, respectively, during this period. Diesel prices fell by Rs. 2.30 and Rs. 2.06 in Mumbai and Chennai, respectively.
The central government raised excise duty on petrol by Rs. 11.77 a litre and that on diesel by Rs. 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell.