The petrol and diesel rates remained steady on 13 November 2022, (Sunday), the prices for petrol and diesel have not fluctuated in over four months. In Delhi, petrol and diesel are retailing at Rs 96.72 and Rs 89.62 per litre, respectively. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) update petrol and diesel rates daily at 6 AM, in line with international benchmark prices and forex rates.
The last country-wide change in fuel prices came on 21 May 2022, when FM Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since the central government excise duty cut, some states have also reduced VAT rates on auto fuels. Meghalaya was the last to revise the fuel rates when it increased VAT on 24 August 2022, because of which petrol now costs Rs 96.83 per litre in Shillong and diesel is now priced at Rs. 84.72 per litre. The Maharashtra government announced a cut in value-added tax (VAT) on petrol by Rs 5 per litre and by Rs 3 per litre for diesel in July.
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Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram
Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre
Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre
Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre
Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre
Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre
Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre
Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre
Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre
India’s state-owned Oil Marketing Companies have lost an estimated $6.5 billion-$7 billion on sales of petrol and diesel because of a virtual freeze in retail costs between November 2021 and August 2022 and their earnings may remain weak this year since they have not recouped their losses as of yet, according to Moody’s. Indian Oil Corporation on October 29 reported a net loss of Rs 272.35 crores in the July-September quarter, marking the second consecutive loss in earnings.