Petrol and diesel prices in India remained unchanged on Thursday, continuing its price-stability trend since the last fuel price revision was done by the Centre in May 2022. Fuel prices in Delhi hovered at ₹96.72 and ₹89.62 for one litre of petrol and diesel, respectively, while in Mumbai, petrol is retailing at ₹106.31 per litre while, diesel at ₹94.27 per litre.
Fuel rates, which vary according to a state’s local taxes, Value Added Tax (VAT) and freight charges, are revised everyday at 6 am by Oil Marketing Companies (OMCs) in accordance with the foreign exchange rates and international benchmark prices.
Previously, fuel prices used to be updated every 15 days. In 2014, the government deregulated the prices and from 2017, the cost of fuel is updated every day.
The centre also changed the pricing formula of natural gas in April after which the prices of CNG and cooking gas piped to household kitchens in the national capital were slashed by up to ₹6 – the first reduction in two years.