Petrol and diesel prices remained unchanged on Tuesday. The oil companies announced the fuel prices at 6 am today morning. The petrol and diesel prices are decided by oil companies and are not controlled by the government. The oil companies need to adjust their prices according to global rates.
The Union government regulates fuel prices through excise duty, base prices and cap prices.
Here are the fuel prices for top Indian cities on Tuesday:
| CITY | PETROL PRICE (Rs/LITRE) | DIESEL PRICE (Rs/LITRE) |
|---|---|---|
| DELHI | 96.72 | 89.62 |
| MUMBAI | 106.31 | 94.27 |
| KOLKATA | 106.03 | 92.76 |
| CHENNAI | 102.63 | 94.24 |
| BENGALURU | 101.94 | 87.89 |
On May 31, 2022, the Narendra Modi government reduced central excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre respectively. Union finance minister Nirmala Sitharaman had tweeted, “It will have a revenue implication of around ₹1 lakh crore per year for the government,” the finance minister said in a series of tweets.
“I wish to exhort all state governments, especially the states where the reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man,” the minister tweeted.
The fuel prices in India are not under goods and service tax. While the Centre collects excise duty, the state governments collect VAT. Since VAT is different for each state, hence the pricing. Rajasthan levies the highest VAT in the country, followed by Madhya Pradesh and Maharashtra.