Petrol and diesel prices fall sharply after excise tax cut; Check fuel rates today

Petrol and Diesel Price on Tuesday: Petrol and diesel prices were held unchanged by the OMCs on Tuesday for the sixteenth day in a row. Prices have remained stable since Finance Minister Nirmala Sitharaman announced earlier in May a cut in excise tax on petrol by 8 per liter and 6 rupees per liter on diesel.

The price of petrol in Delhi stands at Rs 96.72 per liter while that of diesel is at Rs 89.62. In Mumbai, petrol currently costs Rs 111.35 while diesel is sold for Rs 97.28, data available on Indian Oil Corporation’s website shows. On the other hand, the petrol price in Kolkata today stood at Rs 106.03 after the tax cut while the diesel prices in the city stood at Rs 92.76 per litre. Elsewhere in the country, petrol cost Rs 102.63 per litre, while diesel cost Rs 94.24 per litre.

In Gandhinagar, the price of petrol was Rs 96.63 per liter and diesel at Rs 92.38 per liter. In Guwahati, the petrol price per liter was Rs 96.01 and diesel at Rs 83.94. In Lucknow, petrol was sold for Rs 96.57 per liter and diesel for Rs 89.76 per litre. In Thiruvananthapuram, gasoline cost Rs 107.71 per liter and diesel Rs 96.52 per litre.

This comes on the heels of the Center’s order for a tax cut, which resulted in a drop in gasoline prices and a drop in diesel prices, bringing relief to the common man who was reeling under the pressure of inflation. Finance Minister Nirmala Sitharaman announced last month a tax cut on petrol and diesel at a record Rs 8 per liter and on diesel at Rs 6 per liter respectively as fuel prices hit record highs.

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) review fuel prices daily in line with international benchmark prices and exchange rates. Any changes in petrol and diesel prices will be implemented daily from 6am. Retail prices for gasoline and diesel vary from state to state due to local taxes such as VAT or freight charges. Following the central government’s decision to lower excise duties, several state governments have lowered VAT on petrol and diesel.

Oil prices rose higher on Tuesday on the expected recovery in demand in China as it eased severe COVID restrictions and doubts a higher production target by OPEC+ producers would ease tight supply. Brent oil futures were up 19 cents, or 0.2%, to $119.70 barrel at 0050 GMT.

Petrol, diesel prices on Tuesday, June 7 in Delhi, Chennai and other major cities in India:

Delhi

Gasoline: Rs 96.72 per litre

Diesel: Rs 89.62 per liter

Mumbai

Gasoline: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Gasoline: Rs 106.03 per litre

Diesel: Rs 92.76 per liter

Chennai

Gasoline: Rs 102.63 per litre