Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Petrol, diesel rates remained unchanged on Tuesday, 24 January 2023, keeping costs steady for about eight months now. In Delhi, a litre of petrol is priced at Rs 96.72, while diesel in the National Capital is retailing at Rs 89.62 per litre. In Mumbai, petrol is retailing at Rs 106.31 per litre, and diesel is selling at Rs 94.27 per litre. The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.
Since the cut of excise duty by the central government, some states have also reduced VAT prices on fuels. Himachal Pradesh government on 8 January increased value-added tax (VAT) on diesel by Rs 3 per litre. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their prices daily in line with international benchmark prices and forex rates. Any changes in petrol and diesel costs are implemented from 6 am every day.
Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram
Chennai: Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litre
Kolkata: Petrol rate today: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litre
Bengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre
Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre
Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per litre
Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per litre
Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litre
Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litre
Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litre
Note that Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) haven’t changed petrol and diesel prices since 6 April 2022, despite input crude oil prices rising from $102.97 per barrel that month to $116.01 per barrel in June and falling to $82 per barrel this month. Oil Minister Hardeep Singh Puri on Sunday asked Oil Marketing Companies (OMCs) to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down and also if OMCs under recovery come down.
“Oil marketing companies should cut down prices once international prices are stabilised and they have managed to recover under-recovery,” he said. OMCs incurred a loss of Rs 21,200 crore on account of selling petrol and diesel below the cost price. Though OMCs are free to revise product prices based on economics, in practical terms political considerations are also important in the revision of prices. Puri emphasised that prices of petrol and diesel have been under check, despite volatile prices of the Indian crude basket.
Crude oil prices rose slightly in early Asian trade on Tuesday in a market focused on prospects of demand recovery from top importer China and on the global economic outlook ahead of company earnings. Brent crude had risen 5 cents to $88.24 per barrel by 0116 GMT, while U.S. West Texas Intermediate (WTI) crude rose 13 cents to $81.75 per barrel.