Petrol-diesel prices today: Check fuel rates in your city

Excise duty on petrol was reduced by Rs 8 per litre while that on diesel was reduced by Rs 6 in the month of May by Finance Minister Nirmala Sitharaman. As a result, on May 22, the cost of petrol and diesel in the national capital was reduced by Rs 8.69 per litre and Rs 7.05 per litre, respectively.

In India, the price of petrol and diesel varies from state to state depending on freight charges and local taxes (VAT). Additionally, the central government collects an excise tax on the two motor fuels.

The Center announced an export duty of Rs 6 per litre on petrol and ATF and Rs 13 per litre on diesel earlier this month. It also imposed a cess of Rs 23,250 per tonne (by way of a special additional excise tax) on domestic crude oil being sold to domestic refineries at international parity rates in order to counteract producers’ windfall profits from high oil prices abroad.

The oil marketing companies (OMCs) normally adjust the price of petrol and diesel on a daily basis in accordance with the benchmark fuel’s average price in the international market over the previous 15 days and foreign exchange rates.

In the international market, Brent crude futures for September climbed 68 cents (0.7 per cent) to $100.25 a barrel by 0400 GMT after settling below $100 for the second straight session on Wednesday. US West Texas Intermediate crude for August delivery was at $96.85 a barrel, up 55 cents (0.6 per cent) after rising 46 cents in the previous session, according to Reuters data.

Petrol and diesel rates in major cities on Thursday, July 14, 2022: