Fuel Prices Today Latest Updates: The prices of petrol and diesel remained unchanged across the nation for the 52nd consecutive day on Wednesday, July 13, 2022.
In Mumbai, petrol is available for Rs 111.35 per litre, while diesel costs Rs 97.28 per litre. At the same time, in Delhi, petrol retails at Rs 96.72 per litre, while diesel costs Rs 89.62 per litre.
Finance Minister Nirmala Sitharaman cut the excise tax on petrol and diesel in May by Rs 8 and Rs 6, respectively. As a result, on May 22, the price of petrol and diesel in the national capital decreased by Rs. 8.69 per litre and Rs. 7.05 per litre, respectively.
The price of petrol and diesel varies from state to state in India depending on freight charges and local taxes (VAT). Additionally, the two motor fuels are subject to an excise tax collected by the central government.
Earlier this month, the Centre declared a Rs 6 per litre export duty on petrol and ATF and a Rs 13 per litre export duty on diesel. In order to offset producers’ windfall profits from high oil prices abroad, it also imposed a cess of Rs 23,250 per tonne (by way of a special additional excise charge) on domestic crude oil being sold to domestic refineries at international parity rates.
Oil marketing companies (OMCs) typically modify the price of petrol and diesel on a daily basis depending on the benchmark fuel’s average price in the global market over the previous 15-days and foreign exchange rates.
In the global market, brent crude futures were up 24 cents, or 0.2%, at $99.73 a barrel at 0325 GMT. US West Texas Intermediate crude gained 10 cents, or 0.1%, to $95.94, Reuters data showed.
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|