Petrol and diesel price May 23: Rates drop after excise duty cut; Check prices in Delhi, Mumbai, other cities
Petrol and Diesel Price Today in India: Petrol price in Delhi from today, when the excise cuts become effective, will be Rs 96.72 a litre, while diesel will cost Rs 89.62 a litre. In Mumbai after the reduction of excise duty and VAT, one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel were kept unchanged by the OMCs on Monday. However, fFuel prices have dropped sharply 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 Saturday. Petrol price in Delhi from today, when the excise cuts become effective, will be Rs 96.72 a litre as against Rs105.41 a litre, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai after the reduction of excise duty and VAT one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.
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.
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 reduced VAT on petrol by Rs 2.48 per litre and diesel by Rs 1.16 per litre, The Shiv Sena-led Maharashtra government reduced the Value Added Tax (VAT) on 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.
Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram
Mumbai: Petrol price: Rs 111.35 per litre, Diesel price: 97.28 per litre
Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre
Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre
Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre
Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre
Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre
Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre
Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre
Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre
Crude Oil price
Oil prices rose in early trade on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth. Brent crude futures rose 82 cents to $113.37 a barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed 69 cents, or 0.6%, to $110.97 a barrel, adding to last week’s small gains for both contracts.