Fuel Prices Today Latest Updates: Petrol and diesel prices remained stagnant across the country for the 51st successive day on Tuesday, July 12, 2022.
In Delhi, petrol continues to retail at Rs 96.72 per litre, while diesel is available for Rs 89.62 per litre. Simultaneously, in Mumbai, petrol costs Rs 111.35 per litre, while diesel is priced at Rs 97.28.
In May, the excise tax on petrol and diesel was reduced by Rs 8 and Rs 6, respectively by Finance Minister Nirmala Sitharaman. This resulted in a fall in petrol and diesel prices in the national capital by Rs 8.69 per litre and Rs 7.05 per litre, respectively, on May 22.
Based on local taxes (VAT) and freight charges, the price of petrol and diesel varies from state to state in India. In addition to this, the central government also collects an excise duty on the two auto fuels.
The Centre announced an export duty of Rs 6 per litre on petrol and ATF and Rs 13 per litre on diesel, earlier this month. Additionally, it also imposed a cess of Rs 23,250 per tonne (by way of special additional excise duty) on domestic crude oil being sold to domestic refineries at international parity prices to counteract producers’ windfall profits from high oil prices abroad.
Generally, the oil marketing companies (OMCs) adjust the petrol and diesel rates daily based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.
In the international market, Brent crude futures for September had fallen $1.81 (1.7 per cent) to $105.29 a barrel by 0633 GMT, while US West Texas Intermediate crude for August delivery was at $102.14 a barrel, down $1.95 (1.9 per cent), Reuters data showed.
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|