Petrol, Diesel Prices on June 5: Government oil companies have released new rates of petrol and diesel for Sunday. There has been no change petrol, diesel prices even today amidst expensive crude oil. Petrol is still being sold at Rs 96.72 in Delhi and Rs 111.35 per liter in Mumbai. However, in the global market, the price of Brent crude is trading above $115 per barrel. On the other hand, amidst the reports of India getting cheap crude oil from Russia, cut in petrol and diesel prices was also expected. But there is no change in the prices as of now. According to market experts, due to expensive crude in the international market and high inflation in the country, there is a difficult situation in front of the government to reduce or increase the rate of petrol and diesel prices.
The Centre had recently cut the prices of petrol and diesel, following which petrol price and diesel price dropped across the country. The fuel prices saw a sharp drop last week as a result of finance minister Nirmala Sitharaman announcing that the central government had decided to cut the excise duty on petrol and diesel given their exorbitant prices.
On May 21, Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel. As a result, petrol price was decreased by Rs 8.69 per litre while diesel was cut by Rs 7.05 in Delhi.
Petrol and diesel prices were last increased on April 6 by 80 paise a litre, taking the total hike in rates in 16 days to Rs 10 per litre. Between March 22 to April 6, petrol and diesel prices were hiked 14 times.
According to Goodreturns, in Noida, petrol price is Rs 96.92 per litre, while diesel rate is Rs 90.08 per litre. In Lucknow, petrol price is Rs 96.35 per litre, while diesel rate is Rs 89.55 per litre.
Petrol in Gurugram is selling for Rs 97.10 per litre while diesel stands at Rs 89.96 per litre. Petrol price in Delhi stands at Rs 96.72 a litre while the rate of diesel is Rs 89.62 per litre. In Mumbai, petrol rate stands at Rs 111.35 per litre and diesel costs Rs 97.28 for one litre.
It is noteworthy here that the prices of petrol and diesel differ from state to state depending on the VAT. Petrol in Kolkata stands at Rs 106.03 per litre while diesel costs Rs 92.76 a litre. In Chennai, the rate of petrol is Rs 102.63 per litre, while the price of diesel is Rs 94.24 per litre.
The oil marketing companies revise rates of fuels on a daily basis. The revision in fuel prices depends upon the fuel prices in the international market and foreign exchange rates.
Petrol and diesel prices today across major cities in India: