June 30, 2022 11:33:03 am
In Delhi, petrol continues to retail at Rs 96.72 per litre, while diesel is available for Rs 89.62 per litre. At the same time, in Mumbai, a litre of petrol remains available for Rs 111.35, while that of diesel costs Rs 97.28 in the city.
Both the major motor fuels experienced their last price change on May 22, after Union Finance Minister Nirmala Sitharaman announced a Rs 8 reduction in petrol excise duty and a Rs 6 reduction in diesel excise duty on May 21. Following this, the price of petrol and diesel dropped by Rs 8.69 and Rs 7.05, respectively.
In India, the freight charges and local taxes (VAT) determine the price of petrol and diesel in each state. Additionally, the central government imposes an excise tax on motor fuels.
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Generally, Oil Marketing Companies (OMCs) decide on daily changes to the price of petrol and diesel by considering the benchmark fuel’s average price in the international market over the previous 15 days as well as foreign exchange rates.
In the global market, oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories, news agency Reuters reported.
Brent crude futures for September, the more actively traded contract, rose 63 cents, or 0.6%, to $113.08 a barrel at 0250 GMT. The less liquidly traded August contract, which expires Thursday, was at $116.08, down 18 cents, or 0.2%, US West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.5%, to $110.27, the report said.
Check out the fuel rates in the major cities of the country on Thursday, June 30, 2022:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|
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