Petrol and diesel prices on May 12: Check latest rates in your city

Petrol and diesel prices: Fuel rates, which vary according to a state’s local taxes are revised everyday at 6 am.

Published on: May 12, 2023, 06:12:44 IST

By HT News Desk | Written by Shobhit Gupta

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Continuing an eleven-month trend of price stability, the cost of petrol and diesel remained unchanged in major cities on Friday. In India, petrol prices are revised daily at 6am by the Oil Marketing Companies (OMCs) like Indian Oil, Bharat Petroleum and Hindustan Petroleum in accordance with the international prices.

Fuel prices in Delhi hovered at ₹96.72 and ₹89.62 for one litre of petrol and diesel, respectively. (Representative image/ Reuters)

Earlier, fuel prices were revised every fortnight. In 2014, Centre deregulated the Fuel prices and as of 2017, the cost of petrol and diesel is updated every day. The government controls the fuel prices through excise duty, base prices and cap prices at which dealers and OMCs deal with each other.

Here are the fuel prices of the top Indian cities:

CITY	PETROL (Rs/LITRE)	DIESEL (Rs/LITRE)
DELHI	96.72	89.62
KOLKATA	106.03	92.76
MUMBAI	106.31	94.27
CHENNAI	102.63	94.24
BENGALURU	101.94	87.89

The fuel prices are not covered under goods and services tax (GST). While the Centre collects excise duty, the states collect VAT.

The most recent nationwide adjustment was made in May 2022 by Finance Minister Nirmala Sitharaman, who slashed the excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre, respectively.

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HT News Desk
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