Petrol in Delhi cost ₹96.72 per litre while the price of diesel stood at ₹89.62 per litre according to fuel prices revised by oil marketing companies at 6 am. In Mumbai, petrol and diesel were being sold at ₹106.31 and ₹94.27 respectively.
Here are petrol and diesel prices for other major cities on July 29, 2023.
| CITY | PETROL PRICE (Rs/LITRE) | DIESEL PRICE (Rs/LITRE) |
|---|---|---|
| CHENNAI | 102.63 | 94.33 |
| BENGALURU | 101.94 | 87.89 |
| AHMEDABAD | 96.63 | 92.17 |
| LUCKNOW | 96.57 | 89.76 |
| BHOPAL | 108.65 | 93.90 |
How are petrol prices determined in India?
In India, petrol and diesel prices are decided by the oil marketing companies. The oil companies like IOCL, BPCL and HPCL revise the fuel prices daily at 6 am. These prices are monitored by the petroleum and natural gas ministry's petroleum planning and analysis cell.
Does Centre decide fuel prices?
The Centre does not decide fuel prices. The oil marketing companies decide the fuel prices. Earlier, the fuel prices were revised every 15 days. In 2014, the Centre de-regulated fuel prices. Since 2017, the petrol and diesel prices are revised daily.
The Centre regulates fuel prices through excise duty. It also regulates the base and cap prices at which the dealers and oil companies deal with each other.
Last year, the Centre had cut excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre respectively. This resulted in prices being reduced by ₹9.5 per litre and ₹7 per litre respectively.
The Centre does not decide fuel prices. The oil marketing companies decide the fuel prices. Earlier, the fuel prices were revised every 15 days. In 2014, the Centre de-regulated fuel prices. Since 2017, the petrol and diesel prices are revised daily.
The Centre regulates fuel prices through excise duty. It also regulates the base and cap prices at which the dealers and oil companies deal with each other.
Last year, the Centre had cut excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre respectively. This resulted in prices being reduced by ₹9.5 per litre and ₹7 per litre respectively.
Are fuel prices the same across the country?
Petrol prices in states come under VAT which is charged by the state government. Since every state has different VAT, hence the pricing differs. The Centre and state governments charge hefty taxes on petrol and diesel, which you pay at the petrol pump. The Centre levies excise duty, while state governments charge Value Added Tax.