Petrol and diesel prices remained unchanged for major Indian cities on Saturday. According to fuel prices revised by oil marketing companies at 6 am, petrol in Delhi was being sold at ₹96.72 per litre while the price of diesel stood at ₹89.62 per litre.
In Mumbai, the price of petrol and diesel stood at ₹106.31 per litre and ₹94.27 per litre respectively. Here are the fuel prices for other major Indian cities on July 22, 2023.
Petrol and diesel prices are revised daily by the oil marketing companies at 6 am. Earlier, the fuel prices were revised every 15 days. The oil companies like Indian Oil Corporation Limited, Bharat Petroleum and Hindustan Petroleum decide the fuel prices. They are not controlled by the central government and need to adjust their rates as per the global prices.
In India, the government exercises regulation over fuel prices via excise duty. It also regulates the prices through base prices and cap prices at which dealers and OMCs deal with each other.
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.