Petrol and diesel price today December 31: Fuel rates kept unchanged; check price in Delhi, Mumbai

Petrol and Diesel Price Today in India: In Mumbai, a litre of petrol and diesel is retailing at Rs 109.98 and Rs 94.14 respectively.

Petrol and Diesel Price in India, Petrol and Diesel Rate Today in India
Petrol rate in Delhi is Rs 95.41 per litre while diesel is priced at Rs 86.67 per litre.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol, diesel prices continue to remain unchanged on Friday (31 December) across the country. Petrol rate in Delhi is Rs 95.41 per litre while diesel is priced 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. The Jharkhand government, however, announced a huge cut in petrol prices for two-wheelers on Wednesday, and the new prices will be implemented from January 26, 2022. According to state government’s statement, the concession will be given for 10 litres of petrol for every month. Fuel prices have been stable since the central government cut excise duty to bring down retail rates from record highs.

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 last one-and-a-half 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.

It has been nearly 60 days now since petrol and diesel prices have seen any changes, except in Delhi where petrol prices fell on December 1 after the Kejriwal government reduced the Value-Added Tax (VAT) on petrol from 30% to 19.40%. 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 edges lower on Friday

Oil prices fell 1% on Friday. On the last day of 2021, Brent crude futures were on track to end the year 53% higher, while US Crude Futures were looking to end the year with 57% gain, the strongest performance foe the two benchmark contract since 2009, according to a Reuters report. Despite crude price falling today, Oil is looking to post biggest annual gains in 12 years, spurred by economic recovery globally and producer restraints.

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