Petrol and diesel prices in major cities remained unchanged on August 11. According to fuel prices announced by major oil marketing companies, petrol and diesel was being sold in Delhi at ₹96.72 per litre and ₹89.62 per litre.
In Mumbai, the petrol and diesel prices stood at ₹106.31 per litre and ₹94.27 per litre respectively. Here are the fuel prices for other major cities on August 11, 2023.
| CITY | PETROL PRICES (Rs/LITRE) | DIESEL PRICES (Rs/LITRE) |
|---|---|---|
| KOLKATA | 106.03 | 92,76 |
| CHENNAI | 102.74 | 94.33 |
| AHMEDABAD | 96.89 | 92.17 |
| LUCKNOW | 96.57 | 89.76 |
| BENGALURU | 101.94 | 87.89 |
In India, petrol and diesel prices are revised daily at 6 am by the oil marketing companies. The oil companies decide the prices which are monitored by the petroleum and natural gas ministry's petroleum and planning analysis cell.
The petrol and diesel prices used to be revised every fortnight. In 2014, the Centre de-regulated the fuel prices. Since 2017, the fuel rates are revised daily at 6 am.
The fuel prices in India are not under goods and service tax. While the Centre collects excise duty, the state governments collect VAT. Since VAT is different for each state, hence the pricing.
Last year, the Centre had cut excise duty on petrol and diesel prices, resulting in prices to drop by ₹9.5 per litre and ₹7 per litre. “We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre. This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre. It will have revenue implication of around ₹ 1 lakh crore/year for the government”, finance minister Nirmala Sitharaman had posted on X (formerly Twitter).
“I wish to exhort all state governments, especially the states where the reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man," she had added.