On Wednesday, July 20, petrol and diesel prices in most of the cities have remained stagnant for 2 months now. Recently, the Chief Minister of Maharashtra, Eknath Shinde introduced a Value Added Tax (VAT) on petrol by Rs 5 per litre and on diesel by Rs 3 per litre in the state. The petrol value in Mumbai now’s Rs 106.31 per litre, whereas the diesel value in Mumbai stads at Rs 94.27 per litre.
The Finance Minister, Nirmala Sitharaman introduced an excise responsibility minimize in petrol and diesel prices by Rs 8 a litre and Rs 6 a litre, respectively on May 21. In Delhi, the retail petrol value is Rs 96.72 per litre and the retail diesel value is Rs 89.62 per litre. Consumers have to pay Rs 102.63 per litre for petrol and Rs 94.24 per litre for diesel in Chennai. The petrol value in Kolkata today is Rs 106.03 per litre, whereas the diesel value in Kolkata stands at Rs 92.76 per litre.
Fuel prices are set and revised by public sector Oil Marketing Companies (OMCs), similar to Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd. The newest value notification is issued by these Oil Marketing Companies by 6 am each day.
Foreign alternate charges, worldwide crude oil prices and inflation are some of the worldwide components that have an effect on petrol and diesel prices. Retail petrol and diesel prices differ from state to state in India because of VAT or freight expenses.