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

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Petrol Prices on Tuesday: In Mumbai, one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.

Petrol and Diesel Price on Tuesday: The prices of petrol and diesel were kept unchanged by the OMCs for the sixteenth day running on Tuesday. Prices have remained steady since finance minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel earlier in May.

The price of petrol in Delhi stands at Rs 96.72 per litre while that of diesel is at Rs 89.62. In Mumbai, petrol currently costs Rs 111.35, while diesel is retailing at Rs 97.28, data available on Indian Oil Corporation’s website showed. On the other hand, the petrol price in Kolkata today was standing at Rs 106.03 after the tax cut, while diesel prices in the city stood at Rs 92.76 per litre. Elsewhere in the country, petrol was retailing at Rs 102.63 per litre while diesel was priced at Rs 94.24 per litre.

In Gandhinagar, the price of petrol stood at Rs 96.63 per litre and diesel at Rs 92.38 per litre. In Guwahati, the per-litre petrol price was Rs 96.01 and diesel at Rs 83.94. In Lucknow, petrol was selling at Rs 96.57 per litre and diesel at Rs 89.76 per litre. In Thiruvananthapuram, petrol was at Rs 107.71 per litre and diesel at Rs 96.52 per litre.

This comes on the heels of the Centre’s orders for an excise duty cut which resulted in a petrol price drop, as well as a diesel price fall, bringing relief to the common man reeling under the pressure of inflation. Finance minister Nirmala Sitharaman had announced an excise duty cut on petrol and diesel by a record Rs 8 per litre and on diesel by Rs 6 per litre respectively last month as fuel rates hit an all-time high.

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day. Retail petrol and diesel prices differ from state to state on account of local taxes like VAT or freight charges. After the Central government’s decision to cut excise duty, several state governments slashed VAT on petrol and diesel.

Oil prices inched higher on Tuesday on expected demand recovery in China as it relaxed tough COVID curbs and doubts a higher output target by OPEC+ producers would ease tight supply. Brent crude futures were up 19 cents, or 0.2%, at $119.70 barrel at 0050 GMT.

Petrol, Diesel Prices on Tuesday, June 7, in Delhi, Chennai 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