Petrol and diesel prices today: Check fuel rates in your city on March 18

The oil companies on Saturday released the petrol and diesel prices for cities across India.

The fuel prices have remained unchanged today as well. According to the latest price list, petrol was being sold at ₹96.72 per litre and diesel at ₹89.62 per litre in the national capital.

In Mumbai, the prices of petrol and diesel prices stood at ₹106.31 per litre and ₹94.27 per litre. On July 14 last year, Maharashtra chief minister Eknath Shinde had announced that the government cut value added tax (VAT) on petrol prices by ₹5 per litre and diesel by ₹3 per litre. The chief minister had said that the move could cost the exchequer a total of ₹6,000 crore.

Petrol and diesel prices in India are not controlled by the Union government and need to update the rates as per the global prices. The Centre regulates the prices via excise duty, base prices and cap prices.

The fuel prices are not covered under goods and services tax (GST). While the Centre collects excise duty, the states collect VAT. The VAT is different for each state and hence the pricing. Rajasthan levies the highest VAT in the country, followed by Madhya Pradesh and Maharashtra.