In spite of the general trend towards cheaper crude oil prices, there has not been a discernible shift in the price of fuel in the majority of India’s cities. This holds 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.
The price of a barrel of crude oil has been on a decreasing trend recently, with Brent crude reaching $72.09 per barrel and WTI crude reaching $67.18 per barrel. Currently, the price of petrol and diesel has reached an all-time high. The decrease in demand for crude oil might be credited with this price drop for the commodity.
As a result of the ongoing volatility in the price of crude oil, oil companies have released their forecasts for the pricing of petrol and diesel for Tuesday, June 13th. In spite of the current climate, there has been a negligible shift in the cost of petrol and diesel in a few cities throughout the course of the day.
At the moment, the cost of one litre of petrol in Delhi is Rs 96.72, while the cost of one litre of diesel is Rs 89.62. Mumbai residents may get petrol at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The price of a litre of gasoline in Chennai is 102.63 rupees, and a litre of diesel is 94.24 rupees. The going rate for a litre of petrol in Kolkata is currently Rs 106.03, while the going rate for a litre of diesel is Rs 94.24.
How can you determine how much fuel costs in your city?
Customers of HPCL can send an SMS to the number 9222201122 with the dealer code followed by “HPPRICE” and a space to keep themselves apprised of the most recent pricing information. Customers of Indian Oil can send an SMS to 9224992249 with the dealer code and a space after the word “RSP.” Customers of BPCL, on the other hand, need to send an SMS to 9223112222 with the dealer code and a space after the word “RSP.”
Who is in charge of regulating the price of fuel?
Oil Marketing Companies (OMCs) like Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL) are responsible for making daily adjustments to the prices of petrol and diesel fuel. These modifications are determined with reference to worldwide benchmark pricing and currency exchange rates. In a recent statement, the Minister of Petroleum and Natural Gas Hardeep Singh Puri indicated that oil marketing companies (OMCs) may consider cutting the price of petrol and diesel if the price of crude oil on the international market remains stable and these OMCs achieve favourable results in the forthcoming quarter.
The price of fuel had its most recent major drop on May 21 across the entirety of the United States. After then, the Minister of Finance, Nirmala Sitharaman, made an announcement about lowering the excise duty on gasoline by 8 rupees per litre and on diesel by 6 rupees per litre. In the wake of the drop in excise duty enacted by the federal government in May 2022, a number of states made the decision to lower the value-added tax (VAT) imposed on fuels, while others instituted an additional cess on petrol and diesel.