June 29, 2022 12:45:51 pm
In Mumbai, one litre of petrol costs for Rs 111.35, while that of diesel is available for Rs 97.28. Simultaneously, in Delhi, petrol continues to retail at Rs 96.72 per litre, while diesel is available for Rs 89.62 per litre in the city.
The price of petrol and diesel varies from state to state in India depending on freight costs and local taxes (VAT). Furthermore, there is an excise tax levied by the central government on fuels for automobiles.
Both of the major vehicular fuels experienced their last and only price change in the previous month on May 22, after Union Finance Minister Nirmala Sitharaman announced an 8-rupee reduction in petrol excise duty and a 6-rupee reduction in diesel excise duty on May 21. Following this, petrol price was reduced by Rs 8.69 and diesel price was cut by Rs 7.05 in the national capital.
Subscriber Only Stories
Generally, the Oil Marketing Companies (OMCs) decide on daily changes to the price of petrol and diesel by taking into account the benchmark fuel’s average price in the international market over the previous 15 days as well as foreign exchange rates.
In the international market, oil prices fell on Wednesday after rising in the previous three sessions as the market tussled between concerns about the global economy and tight global oil supplies, news agency Reuters reported.
Brent crude futures for August dropped 84 cents, or 0.7%, to $117.14 a barrel by 0444 GMT. The August contract will expire on Thursday and the more-active September contract was at $113.17, down 63 cents, or 0.6%,US West Texas Intermediate (WTI) crude futures slid 54 cents, or 0.5%, to $111.22 a barrel, Reuters said.
Check out the fuel rates in the major cities of the country on Wednesday, June 29, 2022:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|
📣 Join our Telegram channel (The Indian Express) for the latest news and updates
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.