Petrol, diesel prices drop sharply after excise duty cut; Check Fuel Rates Today

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Petrol and Diesel Prices on Tuesday: There was no change in the prices of petrol and diesel by OMCs for the 16th day running on Tuesday. Prices have remained stable since Finance Minister Nirmala Sitharaman earlier in May announced a reduction in excise duty by Rs 8 per liter on petrol and Rs 6 per liter on diesel.

Petrol in Delhi costs Rs 96.72 per liter while diesel costs Rs 89.62. Data available on the Indian Oil Corporation website shows that the current price of petrol in Mumbai is Rs 111.35, while diesel is being sold at Rs 97.28. On the other hand, the price of petrol in Kolkata today after tax deduction was Rs 106.03, while the price of diesel in the city was Rs 92.76 per litre. Elsewhere in the country, petrol was being sold at Rs 102.63 per liter while diesel was priced at Rs 94.24 per litre.

The price of petrol in Gandhinagar was Rs 96.63 per liter and that of diesel was Rs 92.38 per litre. In Guwahati, the price of petrol per liter was Rs 96.01 and that of diesel was Rs 83.94. Petrol in Lucknow was being sold at Rs 96.57 per liter and diesel at Rs 89.76 per litre. Petrol in Thiruvananthapuram was at Rs 107.71 per liter and diesel at Rs 96.52 per litre.

This comes on the heels of the Centre’s orders to cut excise duty, which has resulted in a fall in petrol prices, as well as diesel prices, providing relief to the common man from inflationary pressures. Finance Minister Nirmala Sitharaman last month announced a record reduction in excise duty by Rs 8 per liter on petrol and diesel and Rs 6 per liter on diesel as fuel rates hit an all-time high.

Public sector OMCs including Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) revise fuel prices daily in line with benchmark international prices and foreign exchange rates. Any change in the prices of petrol and diesel is effective from 6 am every day. Retail petrol and diesel prices vary from state to state due to local taxes such as VAT or freight charges. Following the central government’s decision to cut excise duty, several state governments reduced VAT on petrol and diesel.

Oil prices edged higher on Tuesday on expected demand recovery in China as it eased strict COVID restrictions and doubts that higher production targets by OPEC+ producers will ease tight supplies. Brent crude futures were up 19 cents, or 0.2%, at $119.70 a barrel by 0050 GMT.

Petrol, Diesel Price on Tuesday, June 7 in Delhi, Chennai and other major cities of India:

Delhi

Petrol: Rs 96.72 per liter

Diesel: Rs 89.62 per liter

Mumbai

Petrol: Rs 111.35 per liter

Diesel: Rs 97.28 per liter

Kolkata

Petrol: Rs 106.03 per liter

Diesel: Rs 92.76 per liter

Chennai

Petrol: Rs 102.63 per liter

Diesel: Rs 94.24 per liter

Bhopal

Petrol: Rs 108.65 per liter

Diesel: Rs 93.90 per liter

Hyderabad

Petrol: Rs 109.66 per liter

Diesel: Rs 97.82 per liter

Bangalore

Petrol: Rs 101.94 per liter

Diesel: Rs 87.89 per liter

Guwahati

Petrol: Rs 96.01 per liter

Diesel: Rs 83.94 per liter

Lucknow

Petrol: Rs 96.57 per liter

Diesel: Rs 89.76 per liter

Gandhinagar

Petrol: Rs 96.63 per liter

Diesel: Rs 92.38 per liter

Thiruvananthapuram

Petrol: Rs 107.71 per liter

Diesel: Rs 96.52 per litre.