Petrol, and Diesel Prices Today: Petrol and diesel prices were constant on Wednesday, 19 April, in the figures across major cities including New Delhi, Kolkata, Mumbai, and Bengaluru as fuel rates continued their ten-month streak of price stability. However, cities across the country have witnessed fluctuations in fuel prices across the nation. In Chennai, petrol prices fell by 23 paise while diesel prices dropped 22 paise to Rs 102.63 per litre and Rs 94.24 per litre, respectively. Gurugram saw a hike of 44 paise in the price of petrol to Rs 97.10, which diesel grew dearer by 42 paise to Rs 89.96 per litre. While Dehradun, Mangalore and Bhopal saw a rise in their fuel costs, Coimbatore, Indore, Nashik and Pune saw their prices fall.
Oil Marketing Companies (OMCs) change fuel retail prices every day at 6 am in accordance with the price of crude oil throughout the world. Through excise tax, base pricing, and price caps, Centre controls fuel prices.
The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. 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.
How are Petrol, and Diesel Rates Decided?
Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel. The Punjab government decided to impose a cess of 90 paise per litre on petrol and diesel in a meeting of the state cabinet. Kerala Finance Minister KN Balagopal also announced a cess on petrol, diesel and liquor in the second full budget of the LDF government. A social security cess of Rs 2 per litre will be slapped on petrol and diesel. Some cities such as Lucknow saw a minor fall in petrol and diesel prices, check the latest rates here:
Petrol, and Diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram on April 18, 2023
Oil Minister Hardeep Singh Puri recently asked OMCs to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down and also if OMCs under recovery come down. OMCs incurred a loss of Rs 21,200 crore on account of selling petrol and diesel below the cost price.
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