Price of Petrol and Diesel in India Today Despite a minor decrease in the price of crude oil, the price of gasoline in most cities did not experience any significant adjustment. This is true for both petrol and diesel. Let’s have a look at how much a litre of gasoline or diesel costs in the various major cities.
Today’s Prices for Petrol and Diesel: On Monday, June 12, the prices of petrol and diesel did not change in any of the following cities: New Delhi, Kolkata, Mumbai, or Chennai. The prices of petrol and diesel have not changed significantly throughout the course of the past year. However, costs are likely to change on a daily basis inside each city. The value-added tax (VAT), freight costs, and other municipal levies all contribute to the fact that gas and diesel prices can vary significantly from one state to the next.
The last time fuel prices were altered across the country was on May 21 of the previous year, when Finance Minister Nirmala Sitharaman lowered excise duty by Rs 8 per litre on petrol and Rs 6 per litre on diesel. This was the last time fuel prices were altered across the country. Since the reduction in excise tax that was implemented by the federal government in May 2022, some states have also decreased the VAT that is charged on fuels, while others have increased the cess that is charged on petrol and diesel.
The Value-Added Tax (VAT) that is added to the price of petrol and diesel was increased by the Punjab government on Sunday. Retail customers would see a 92-paise hike in the price of petrol and an 88-paise increase in the price of diesel under the Aam Aadmi Party (AAP) government. As a direct consequence of this, the price of a litre of petrol in Chandigarh has increased to Rs 98.65, while the price of a litre of diesel has decreased to Rs 88.95.
The going rate for a litre of petrol in Delhi is currently Rs 96.72, while the going rate for a litre of diesel is Rs 89.62. Both gasoline and diesel have increased in price in Mumbai, with gasoline costing 106.31 rupees per litre and diesel costing 94.27 rupees per litre. Prices for a litre of petrol in Kolkata are currently at Rs 106.31, while a litre of diesel costs Rs 92.76. The going rate for a litre of petrol in Chennai is presently Rs 102.63, while the going rate for a litre of diesel is currently Rs 94.24.
Who is in charge of regulating the price of fuel?
Prices for petrol and diesel are adjusted every day by Oil Marketing Companies (OMCs) such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL), taking into account changes in international benchmark prices and exchange rates. Recently, Petroleum Minister Hardeep Singh Puri announced that oil marketing firms (OMCs) may consider lowering the rates of petrol and diesel if there is no change in the price of crude on the international market and if OMCs have a successful next quarter.
When are the pricing going to be made public?
On a daily basis at six in the morning, the prices of petrol and diesel are determined based on the price of crude oil. This comprises the dealer commission, taxes imposed by both the federal government and individual states, and the cost of transportation. The cost of petrol and diesel may be quickly and simply determined through SMS. You can do this by sending an SMS with the RSP dealer code to 92249 92249.
The price of crude oil experienced a small decrease.
Investors analysed the Federal Reserve’s stance on further rate hikes on Monday, which led to a modest fall in the price of crude oil. The meeting of the Federal Reserve was scheduled for Monday. Market sentiment was negatively impacted by worries regarding the expansion of China’s demand for fuel as well as the growing supply of crude oil from Russia. Futures contracts for Brent crude dropped by 29 cents, which is equivalent to 0.4%, to $74.50 per barrel, while those for West Texas Intermediate (WTI) crude down by 24 cents, which is equivalent to 0.3%, to $69.93 per barrel.