Petrol and diesel prices in India have maintained a consistent trajectory for more than a year, with the last rate revision taking place in May 2022. While these prices can exhibit variations across different states, factors such as local taxes, value-added tax (VAT), freight charges, and other considerations contribute to these variations.
In accordance with the daily 6 am price update issued by oil marketing companies, prominent cities like New Delhi, Kolkata, Mumbai, and Chennai have witnessed unchanging petrol and diesel prices. This information has been reported by the Goodreturns website.
The pricing of fuel in India falls under the regulatory ambit of the central government, influenced by a blend of factors, including excise duty, base prices, and cap prices. The central government is responsible for collecting excise duty, while individual states manage the collection of Value Added Tax (VAT). Given that each state employs its own distinct VAT rates, fuel prices may fluctuate accordingly.