Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Fuel prices remain unchanged on 4 January 2023 (Wednesday), keeping costs steady for about seven months now. In Mumbai, petrol is retailing at Rs 106.31 per litre, and diesel is selling at Rs 94.27 per litre. In the National Capital, petrol price is priced at Rs 96.72, while diesel is retailing at Rs 89.62 per litre, respectively. The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.
Since the cut of excise duty by the central government, some states have also reduced VAT prices on fuels. Fuel prices are revised in line with international benchmark prices and foreign exchange rates by public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL). Differences in Value Added Tax (VAT), freight charges, the local taxes, etc. from state to state, affect petrol and diesel prices in different cities. Any changes in petrol and diesel costs are implemented from 6 am every day.
Crude oil prices held their ground on Wednesday after tumbling in the previous session as markets braced for minutes from the U.S. Federal Reserve‘s December policy meeting. If the Fed intensifies its rate hikes, that could slow the economy and hamper fuel consumption. Brent futures for March delivery rose 6 cents to $82.16 a barrel, a 0.1% gain, by 1:23 GMT. U.S. crude fell 2 cents, or 0.03%, to $76.91 per barrel. It had dived 4.1% on Tuesday, the largest daily decline in more than three months, after the Chinese government raised export quotas for refined oil products in the first batch for 2023, signalling expectations of poor domestic demand and as the head of the IMF warned of weakening economic activity in the US, Europe and China.
Export of petrol by Indian oil marketing companies (OMCs) rose 142% in a year between 2020-21 and 2021-22, while there was a miniscule rise of less than 1% in export of diesel during the same period. According to official figures, the OMCs exported 668 thousand metric tonnes (TMT) of petrol in 2021-22, which was 142 per cent more than 276 TMT of petrol exported by the country in 2020-21