Petrol, Diesel Prices Drop in Delhi, Mumbai, Other Cities; Check Latest Fuel Rates Today

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Petrol, Diesel Prices on Tuesday: In Mumbai after the reduction of excise duty and VAT one litre of petrol will cost Rs 111.35 and a litre of diesel Rs 97.28.

Petrol, Diesel Prices on Thursday: Prices of petrol and diesel has remained unchanged across the country on Thursday, May 26. The price of petrol in Delhi stands at Rs 96.72 per litre while that of diesel is at Rs 89.62. In Mumbai, petrol currently costs Rs 111.35, while diesel is retailing at Rs 97.28, data available on Indian Oil Corporation’s website showed.

The rates of both the key auto fuels were sharply reduced on Sunday after finance minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on May 21. Following the government’s decision petrol price was cut by Rs 8.69 per litre while diesel was reduced by Rs 7.05 in the national capital on Sunday.

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.

Following the central government’s announcement on excise duty cut, the Kerala government announced a cut in tax on the prices of petrol and diesel by Rs 2.41 and Rs 1.36 per litre respectively. The Rajasthan government has reduced VAT on petrol by Rs 2.48 per litre and diesel by Rs 1.16 per litre. The Maharashtra government reduced VAT on one per litre petrol by Rs 2.08 and diesel by Rs 1.44 per litre. The Odisha government also reduced taxes on petrol and diesel by Rs 2.23 and Rs 1.36 a litre respectively.

Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine. Brent crude futures for July settlement inched up 7 cents, or 0.1 per cent, to $114.10 a barrel at 0142 GMT. US West Texas Intermediate (WTI) crude futures for July delivery climbed 22 cents, or 0.2 per cent, to $110.55 a barrel.

Petrol, Diesel Prices on Wednesday, May 26, in Delhi, Mumbai, Chennai and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre