Petrol, Diesel Prices Drop in Delhi, Mumbai Post Excise Duty Cut: Check Fuel Rates Today

Petrol, Diesel Prices on Thursday: The prices of petrol and diesel remained unchanged for the 13th consecutive day. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre last week, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai, one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre. The sharp fall in prices was seen after, finance minister Nirmala Sitharaman had announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel earlier this month.

Subsequently, the state governments of Maharashtra, Rajasthan and Kerala too decreased VAT on petrol and diesel following Sitharaman’s call to provide further relief to consumers following a cut in excise duty by the Centre.

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day. Retail petrol and diesel prices differ from state to state on account of local taxes like VAT or freight charges. After the Central government’s decision to cut excise duty, several state governments slashed VAT on petrol and diesel.

The international oil prices saw a big drop in the international market today and this sign is good for the Indian market. Oil prices fell by around $3 a barrel in early Asian trade on Thursday as investors cashed in on a recent rally with a key producers meeting later in the day set to pave the way for expected output increases. Brent crude was down $2.76, or 2.4 per cent, at $113.53 a barrel at 0024 GMT, having risen 0.6 per cent the previous day. US West Texas Intermediate (WTI) crude dropped $2.89, or 2.9 per cent, to $112.37 a barrel, after a 0.5 per cent rise on Wednesday.

The benchmarks have marched higher for several weeks as Russian exports are being squeezed by EU and U.S. sanctions against Moscow over its invasion of Ukraine, actions that Russia calls a “special operation”.