Petrol and diesel pump prices remained unchanged on April 23, 2023 across major cities, including New Delhi, Kolkata, Mumbai and Bengaluru, as rates continued their 10-month streak of price stability. However, many cities saw petrol prices above Rs 100 mark.
Cities like Bhubaneswar (Rs 103.21), Trivandrum (Rs 109.73), Hyderabad (Rs 109.66) and Patna (107.59) have Petrol prices above Rs 100.
Oil Marketing Companies (OMCs) change fuel retail prices every day at 6 am in accordance with the price of crude oil throughout the world. Through excise tax, base pricing, and price caps, Centre controls fuel prices.
Check latest rates in different cities on April 23;
The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.
How are Petrol, and Diesel Rates Decided?
Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel. The Punjab government decided to impose a cess of 90 paise per litre on petrol and diesel in a meeting of the state cabinet. Kerala Finance Minister KN Balagopal also announced a cess on petrol, diesel and liquor in the second full budget of the LDF government. A social security cess of Rs 2 per litre is slapped on petrol and diesel.
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