Petrol and diesel prices were revised by the oil marketing companies on Wednesday. As per the latest revision of rates, petrol in Delhi cost ₹96.73 per litre while the diesel rate stood at ₹89.62 per litre.
In India’s financial capital Mumbai, petrol was being sold at ₹106.31 per litre while the price of diesel stood at ₹94.27 per litre.
Here are the petrol and diesel prices for major cities on July 26, 2023.
| CITY | PETROL PRICES (Rs/LITRE) | DIESEL PRICES (Rs/LITRE) |
|---|---|---|
| KOLKATA | 106.03 | 92.76 |
| CHENNAI | 102.63 | 94.33 |
| BENGALURU | 101.94 | 87.89 |
| AHMEDABAD | 96.63 | 92.17 |
| LUCKNOW | 96.57 | 89.66 |
Petrol and diesel rates are revised daily at 6 am by prominent oil marketing companies like IOCL, HPCL and BP. These companies decide the oil prices which is overseen by the ministry of petroleum and natural gas’s petroleum planning and analysis cell.
Earlier, the fuel prices were revised after 15 days. In 2014, the Centre
de-regulated fuel prices. Since 2017, the petrol and diesel prices are revised daily. Petrol prices in states come under VAT which is charged by the state government. Since every state has different VAT, hence the pricing differs.
The Centre and state governments charge hefty taxes on petrol and diesel, which you pay at the petrol pump. The Centre levies excise duty, while state governments charge Value Added Tax.
Last year, the Narendra Modi government had cut excise duty on petrol and diesel, resulting prices to drop by ₹9.5 and ₹7 per litre respectively.
“We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre. This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre. It will have revenue implication of around ₹ 1 lakh crore/year for the government”, finance minister Nirmala Sitharaman had announced.
“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 had said.
