Petrol, Diesel Prices Drop in Delhi, Mumbai Post Excise Duty Cut; Check Rates In Your City Today

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The price of petrol stood at Rs 96.72 per litre in Delhi and Rs 111.35 per litre in Mumbai, while diesel was being sold at Rs 89.62 per litre in Delhi and Rs 97.28 per litre in Mumbai.

Petrol, Diesel Prices Monday: Oil marketing companies (OMCs) have kept the prices of petrol and diesel unchanged on Monday, May 30, 2022. The prices of petrol and diesel saw a sharp reduction last week when finance minister Nirmala Sitharaman announced that the central government under the leadership of Prime Minister Narendra Modi had decided to slash the excise duty on petrol and diesel given their exorbitant prices. The price of petrol stood at Rs 96.72 per litre in Delhi and Rs 111.35 per litre in Mumbai, while diesel was being sold at Rs 89.62 per litre in Delhi and Rs 97.28 per litre in Mumbai.

In Kolkata, the petrol price has been reduced to Rs 106.03 per litre after the excise duty cut, while the price of diesel now stands at Rs 92.76 per litre. In Chennai, petrol was being sold at Rs 102.63 per litre on Sunday and diesel at Rs 94.24 a litre.

The central government on May 21 cut excise duty on petrol by Rs 8 per litre and that on diesel by Rs 6 per litre. The cut was estimated to translate into a reduction of Rs 9.5 per litre in petrol prices and Rs 7 per litre in diesel, after taking into account its impact on other levies. After this, several state governments, including Kerala, Maharashtra and Rajasthan, also cut VAT on petrol and diesel, thus further reducing rates in those states.

Companies like Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd set the fuel prices every day after factoring in different vectors such as VAT (value-added tax), freight charges, local tax, and international rates of fuel excise duty, among others.

Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on the sixth package of sanctions against Moscow for its invasion of Ukraine. Brent crude futures gained 46 cents, or 0.4 per cent, to $119.89 a barrel at 0111 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.5 per cent, to $115.67 a barrel, extending solid gains from last week.

Petrol, Diesel Prices on Monday, May 30, in Delhi, Mumbai, Chennai, Kolkata and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre