Petrol and diesel prices In India remained stagnant on Saturday, continuing the price ten-month price stability, Goodreturns website showed. Prices across major cities including New Delhi, Kolkata, Mumbai, Chennai did not record any shift from yesterday’s prices, giving slight relief to the consumers.
These retail prices are updated daily at 6am by Oil Marketing Companies (OMCs) in tune with global crude prices after the government freed petrol and diesel rates in 2010 and 2014 respectively.
The fuel prices are not controlled by the government. The OMCs need to adjust their prices. The Centre regulates fuel prices through excise duty, base prices and cap prices.
The most recent nationwide adjustment was made in May 2022 by Finance Minister Nirmala Sitharaman, who slashed the excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre, respectively.
Petrol prices are revised daily in India since 2017. This was a marked departure from the earlier practice of revising petrol prices every fortnight.
Meanwhile, the centre recently changed the pricing formula of natural gas which resulted in the reduction of prices of CNG and cooking gas piped to household kitchens.