Petrol, Diesel Prices Fall Sharply after Excise Duty Cut; Check Fuel Rates Today

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Petrol, Diesel Price Today, June 3, 2022: Petrol and diesel prices drop after Centre had announced an excise duty cut on fuel prices last month. Check fuel price today in Mumbai, Delhi and other cities

Petrol and diesel prices remained unchanged for the twelfth consecutive day on Friday. Finance minister Nirmala Sitharaman had announced a reduction in excise duty on petrol by a record Rs 8 per litre and on diesel by Rs 6 per litre on May 21. This move provided much-needed relief to the common man amid the rising inflation.

A litre of petrol would cost Rs 96.72 in Delhi. In Mumbai, you would have to shell Rs 111.35 for a litre of petrol. In Chennai, petrol was retailing at Rs 102.63 per litre. A litre of petrol would be available at Rs 106.03 in Kolkata.

Diesel became cheaper too after excise duty cut. A litre of diesel would cost Rs 89.62 in the national capital. In Mumbai, diesel was being sold at Rs 89.62 per litre. In Chennai, diesel was available at Rs 94.24 per litre. For a litre of diesel, you would have to pay Rs 92.76 in Kolkata.

Oil marketing companies (OMCs) were passing on the excise duty cut to consumers despite losing Rs 13.08 a litre on petrol and Rs 24.09 per litre on diesel, according to reports.

Fuel prices in India depend on international crude oil prices, rupee-dollar exchange rate. Moreover, the central government and states levy various taxes — excise duty and Value Added Tax (VAT) on petrol and diesel. Dealer’s commission and freight charges are also included in the fuel price.

In the international market, oil prices were roughly unchanged on Friday. US West Texas Intermediate (WTI) crude futures were up 1 cent at $116.88 a barrel at 0112 GMT, while Brent crude futures were up 7 cents at $117.68 a barrel, according to Reuters. Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation.

OPEC+ said it had agreed to boost output by 648,000 barrels per day (bpd) in July — or 0.7 per cent of global demand — and a similar amount in August versus the initial plan to add 432,000 bpd a month over three months until September.

Petrol, Diesel Prices on Friday, June 3, in Delhi, Mumbai, Chennai, Kolkata and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre