Petrol and diesel prices remained unchanged on Sunday across India in tune with nearly nine-month long steady trend.
As per the notification from fuel companies, petrol in Delhi cost ₹96.72 per litre and diesel ₹89.62 a litre.
In India’s financial capital Mumbai, petrol retails at ₹106.31 per litre while diesel costs ₹94.27 per litre. In Kolkata, the price of 1 litre petrol stands at ₹106.03 while diesel is being sold at ₹92.76 per litre. The rates of petrol and diesel in Chennai are ₹102.63 and ₹94.24 a litre, respectively.
Factors like Value Added Tax (VAT), freight charges, local taxes play a role in the changes to fuel rates, if any. In May, finance minister Nirmala Sitharaman had cut the excise duty on petrol by ₹8 per litre and diesel by ₹6 per litre, which was the last time fuel prices in India were revised.
Here are the fuel rates in other cities:
CITY PETROL (Rs/LITRE) DIESEL (Rs/LITRE)
JAIPUR 108.48 93.72
LUCKNOW 96.57 89.76
BENGALURU 101.94 87.89
BHOPAL 108.65 93.90
PATNA 108.12 94.86
Last month, the Centre slashed windfall tax on domestically-produced crude oil, as well as on the export of diesel and aviation turbine fuel (ATF), in line with firming international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) was cut to ₹4,350 per tonne from ₹5,050 per tonne. The levy on petrol continues to be nil.
Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) implement new fuel costs daily at 6 am in case of any changes as per international benchmark prices and forex rates. Earlier, the fuel prices were revised every 15 days. In 2014, the Centre de-regulated petrol and diesel prices. Since 2017, the fuel prices are updated daily.
Oil prices settled lower on Friday, according to Reuters, as European banking shares fell and after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.