Petrol, Diesel Prices Today: The government oil companies on Monday released new rates of petrol and diesel. The price of petrol and diesel remained unchanged today in India. Bangladesh in a major hike raised fuel prices by around 50% last week.
When it comes to global oil prices, these have eased from their highs in recent weeks. This move is aimed at trimming the country`s subsidy burden while putting more pressure on inflation.
Petrol is still being sold at Rs 96.72 in Delhi. These days the prices of crude oil are seen fluctuating. Crude oil has seen a slight increase. But even after this, the prices of petrol and diesel have been kept stable. There has been no change in the rate of petrol and diesel for the last 70 days.
When it comes to the Ukraine war, Russia cut gas supply to Europe since it supported Kyiv. Energy-saving measures across Europe fall in line with the European Union’s (EU’s) plan to reduce the demand for gas as Russia cut supplies. This is also affect fuel prices in other parts of the world.
Did you know Indian Oil Corporation (IOC) sold petrol at a loss of Rs 10 per litre and diesel at Rs 14 per litre during the April-June period?
This led the firm to report its first quarterly net loss in over two years, as per a report. The ongoing Russia-Ukraine war has also impacted the fuel rates negatively. Oil and natural gas prices soared leading to a food crisis in several low-income countries of the world.
The last time the Modi government at the Center reduced the excise duty on petrol and diesel on 21 May. After this, petrol became cheaper by Rs 9.50 and diesel by Rs 7 per liter across the country. Meanwhile in Pakistan, the petrol and diesel prices may rise by Rs 10-17 per litre beginning August 1, 2022. Will India see a hike in fuel prices? Well, let’s wait and watch!
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 recently 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 96.64 per litre, while diesel rate is Rs 89.82 per litre. In Lucknow, petrol price is Rs 96.44 per litre, while diesel rate is Rs 89.64 per litre.
Petrol in Gurugram is selling for Rs 96.77 per litre while diesel stands at Rs 89.65 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 106.03 per litre and diesel costs Rs 94.27 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 102.73 per litre, while the price of diesel is Rs 94.33 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: