Petrol and diesel price today December 24: Rates remain static on Friday; check price in Delhi, Mumbai

Petrol and Diesel Price Today in India: Petrol rate in Delhi is Rs 95.41 per litre while diesel in the national capital is retailing at Rs 86.67 per litre.

Petrol and Diesel Price in India, Petrol and Diesel Rate Today in India
In Mumbai, a litre of petrol and diesel is retailing at Rs 109.98 and Rs 94.14, respectively (File Photo Reuters)

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol, diesel prices continued to remain stagnant on Friday (24 December) across various cities in the country. Currently, petrol rate in Delhi is Rs 95.41 per litre while diesel in the national capital is retailing at Rs 86.67 per litre. In Mumbai, a litre of petrol and diesel is retailing at Rs 109.98 and Rs 94.14, respectively. Fuel prices have been steady since the Centre cut excise duty in November to bring down retail rates from record highs. It has been nearly 50 days since petrol and diesel prices have seen any changes, except in Delhi where petrol prices fell on December 1 after the Delhi government reduced the Value-Added Tax (VAT) on petrol from 30% to 19.40%.

Public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates. OMCs have neither raised nor reduced petrol and diesel rates in nearly 2 months even as international oil prices remained volatile with benchmark Brent crude plunging below $70 a barrel on November 30 from $84.78 on November 9. Any changes in petrol and diesel prices are implemented with effect from 6 am every day. Retail petrol, diesel prices differ from state to state on account of local taxes like VAT or freight charges.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price– Rs 109.98 per litre, Diesel price – Rs 94.14 per litre
Delhi: Petrol price – Rs 95.41 per litre, Diesel price – Rs 86.67 per litre
Chennai: Petrol price – Rs 101.40 per litre, Diesel price – Rs 91.43 per litre
Kolkata: Petrol price – Rs 104.67 per litre, Diesel price – Rs 89.79 per litre
Hyderabad: Petrol price – Rs 108.20 per litre, Diesel price – Rs 94.62 per litre
Bengaluru: Petrol price – Rs 100.58 per litre, Diesel price – Rs 85.01 per litre
Lucknow: Petrol price – Rs 95.02 per litre, Diesel price – Rs 86.56 per litre
Thiruvananthapuram: Petrol price – Rs 106.65 per litre, Diesel price – Rs 93.47 per litre
Noida: Petrol price – Rs 95.51 per litre, Diesel price – Rs 87.01 per litre
Gurugram: Petrol price- Rs 95.90 per litre, Diesel price- Rs 87.11 per litre

The fuel prices across key cities were collectively revised on November 4 after the Central government cut excise duties on petrol and diesel to bring down their retail rates from their record high gains. The government reduced excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre on November 3 to give relief to consumers from record-high retail fuel prices. The centre also urged states to cut VAT on the two auto fuels, following which several states announced VAT cuts. In a cabinet meeting chaired by Delhi CM Arvind Kejriwal on December 1, a decision was taken to reduce the Value-Added Tax (VAT) on petrol prices to 19.40%, bringing down the price by Rs 8.56 per litre.

Crude Oil update

Oil prices snapped three-day rally as crude fell on Friday in thin, holiday trade with investors trying to gauge the Omicron coronavirus variant’s impact on demand. Brent crude futures slid 29 cents, or 0.4%, to $76.56 a barrel, following a 2.1% gain in the previous session. The benchmark was still on track for a weekly gain of about 4%. Meanwhile, WTI crude oil retreated from a one-month high to $73.65 by the end of Thursday’s NY settlement.

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