Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Fuel prices continued to stagnate on Tuesday, 7 March 2023, keeping costs steady for about nine months now. In Delhi, 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 prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. 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 in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel. The Punjab government decided to impose a cess of 90 paise per litre on petrol and diesel in a meeting of the state cabinet. Kerala Finance Minister KN Balagopal also announced a cess on petrol, diesel and liquor in the second full budget of the LDF government. A social security cess of Rs 2 per litre will be slapped on petrol and diesel.
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
Oil prices edged up on Tuesday after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering. Brent crude futures had risen 40 cents, or 0.5%, to $86.58 a barrel after settling 0.4% higher on Monday. U.S. West Texas Intermediate crude was at $80.76 a barrel, up 30 cents, or 0.4%, following a 1% gain in the previous session.
Public sector Oil Marketing Companies (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. Oil Minister Hardeep Singh Puri recently asked 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. OMCs incurred a loss of Rs 21,200 crore on account of selling petrol and diesel below the cost price.