Petrol and diesel prices remained unchanged in major Indian cities on Saturday. In the national capital, petrol was being sold at ₹96.72 per litre while diesel was priced at ₹89.62 per litre.
Petrol and diesel prices have been remained unchanged for major cities since the Centre cut excise duty in May last year. The petrol and diesel prices had been slashed by ₹9.5 per litre and ₹7 per litre respectively.
Union finance minister Nirmala Sitharaman had said that the move will have revenue implications of around ₹1 lakh crore per year for the government. She also exhorted states where reduction was not carried out in November 2021, to carry out similar cut and give relief to the citizens.
“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”, she had said.
On June 12 this year, the Punjab government revised the value added tax (VAT) on fuel, resulting in petrol and diesel prices going up by 93 paise and 89 paise per litre, respectively.
Here are the petrol and diesel prices for major cities on August 12, 2023.
| CITY | PETROL PRICE (Rs/LITRE) | DIESEL PRICE (Rs/LITRE) |
|---|---|---|
| MUMBAI | 106.31 | 94.27 |
| KOLKATA | 106.03 | 92.76 |
| CHENNAI | 102.74 | 94.33 |
| AHMEDABAD | 96.42 | 92.87 |
| JAIPUR | 108.61 | 94.10 |
Since India imports 80 per cent of the oil it needs, the domestic fuel prices are determined by international prices. The petrol and diesel prices are also dependent on factors like central excise duty, VAT or value added tax levied by state governments, dealer and refining margins and transportation cost.
Petrol and diesel prices in India are reviewed daily in line with the benchmark international rate of the preceding 15 days. So state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are supposed to review petrol and diesel prices daily in line with the cost.
