Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Fuel prices remain unchanged on 3 January 2023 (Tuesday), keeping costs steady for about seven months now. 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. In Mumbai, petrol costs Rs 106.31 per litre and diesel is at Rs 94.27 per litre. The petrol price and diesel price in Delhi are at Rs 96.72 and Rs 89.62 per litre, respectively.
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.
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