The oil marketing companies on Sunday announced the petrol and diesel prices for major Indian cities. According to the latest data, petrol and diesel prices remained unchanged for major cities.
In the national capital, the price of one litre of petrol stood at ₹96.72 while that of diesel was ₹89.62. In India’s financial capital Mumbai, the prices of petrol and diesel stood at ₹106.31 per litre and ₹94.27 per litre respectively.
Here are the petrol and diesel prices for other major cities on July 23, 2023.
The petrol prices in India are revised daily, which is called the dynamic petrol pricing method. Earlier, the central government used to control the prices which were revised after every 15 days. In 2014, the government de-regulated the fuel prices, and since 2017 the rates are revised daily.
Prominent oil companies like Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation decide the rates, which are overseen by the Union petroleum and natural gas ministry’s petroleum planning and analysis cell.
The oil companies decide the petrol prices based global rates, exchange rates, tax structure and other factors.
Petrol prices in states come under VAT which is charged by the state government. Since every state has different VAT, hence the pricing differs.