Petrol and diesel prices In India remained stagnant on Thursday, continuing the year long price stability.
That has been seen since May 21 last year, when the previous pan-India revision to fuel rates was carried out. Prices across major cities including New Delhi, Kolkata, Mumbai, Chennai did not record any shift from yesterday’s prices, giving relief to the consumers.
These retail prices are updated daily at 6am by Oil Marketing Companies (OMCs) in tune with global crude prices after the government freed petrol and diesel rates in 2010 and 2014 respectively.
Here are the latest petrol, diesel prices in major cities as reported by Goodreturns:
The most recent nationwide adjustment was made in May 2022 by Finance Minister Nirmala Sitharaman, who slashed the excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre, respectively.
Petrol prices are revised daily in India since 2017. This was a marked departure from the earlier practice of revising petrol prices every fortnight.
The pricing of fuel in India falls under the regulatory purview of the central government, influenced by a combination of factors, including excise duty, base prices, and cap prices. The collection of excise duty is managed by the central government, while individual states oversee the collection of Value Added Tax (VAT).