Petrol price in India: The prices of petrol and diesel remained steady on Thursday for over two weeks since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel. Petrol price in India Today, check latest rates in your city.
The price of petrol in Delhi stands at Rs 96.72 per litre while cost of diesel is Rs 89.62, as per the data available on Indian Oil Corporation website. In Gurugram, one litre of petrol will cost Rs 97.81 and Rs 90.05 for one litre of diesel. In Mumbai, petrol currently costs Rs 111.35, while diesel is retailing at Rs 97.28, following the reduction of excise duty and VAT.
In Chennai, the petrol and diesel prices are at Rs 102.65 and Rs 94.24 per litre. In Kolkata, the price of petrol is Rs 106.03 and diesel is Rs 92.76 . In Bengaluru, one litre of petrol will cost Rs 101.94 and one litre of diesel will cost Rs 87.89. Meanwhile, oil prices gained about 1% on Tuesday.
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With U.S. crude settling at a 13-week high on supply concerns, including no nuclear deal with Iran, and prospects for demand growth in China, which is relaxing lockdowns to control the pandemic. Earlier on May 22, 2022, fuel prices had come down 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 on the evening of May 21.
The excise duty cuts along with Rs 5 cut on petrol and Rs 10 reduction on diesel which was implemented from November 4, 2021, rolled back the Rs 13 per litre and Rs16 per litre increase in taxes on petrol and diesel, respectively, which was effected between March 2020 and May 2020, to avoid passing on to consumers the sharp fall in international oil prices.
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