Petrol, Diesel Prices Kept Steady After Excise Duty Cut. See Rates
Petrol and diesel prices on Monday remained unchanged across metros after the Centre decided to reduce excise duty on fuel. On May 21, the government announced a cut in excise duty on petrol and diesel by Rs 8 and Rs 6 a litre, respectively. The move marked a reduction of petrol rates by Rs 9.5 per litre and diesel by Rs 7 a litre.
In Delhi, a litre of petrol costs Rs 96.72, while the diesel rate stands at Rs 89.62 per litre.
Petrol is currently retailed at Rs 111.35 per litre in Mumbai, while diesel is sold at Rs 97.28.
Petrol now costs Rs 102.63 in Chennai, while diesel price stands at Rs 94.24. In Kolkata, petrol is retailed at Rs 106.03 and diesel is sold at Rs 92.76.
Fuel prices are the highest in Mumbai among all four metro cities. The rates vary across states due to the value-added tax (VAT).
State-run oil refiners such as Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
India imports 85 per cent of its crude oil needs, and the domestic fuel rates are linked to international rates.
Globally, oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on the sixth package of sanctions against Moscow for its invasion of Ukraine.
Brent crude futures gained 46 cents, or 0.4 per cent, to $119.89 a barrel, while U.S. West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.5 per cent, to $115.67 a barrel.