Petrol and diesel prices were left untouched by Oil Marketing Companies yet again on August 2, 2022. Fuel prices have remained steady in India, except in Maharashtra where the state government has announced a Value-Added Tax (VAT) cut on petrol and diesel by Rs 5 per litre and Rs 3 per litre, respectively. This move will cost the state exchequer Rs 6,000 crore per annum.
Finance Minister Nirmala Sitharaman announced an excise duty cut on petrol by Rs 8 per litre and on diesel by Rs 6 per litre on May 21 since then the fuel prices have remained unchanged. Today, the petrol price in Delhi is Rs 96.72 per litre, while the diesel price in Delhi is Rs 89.62 per litre. One litre of petrol costs Rs 106.31 per litre in Mumbai, while one litre of diesel costs Rs 94.27 per litre.
Finance Minister Nirmala Sitharaman announced an excise duty cut on petrol by Rs 8 per litre and on diesel by Rs 6 per litre on May 21 since then the fuel prices have remained unchanged. Today, the petrol price in Delhi is Rs 96.72 per litre, while the diesel price in Delhi is Rs 89.62 per litre. One litre of petrol costs Rs 106.31 per litre in Mumbai, while one litre of diesel costs Rs 94.27 per litre.
Oil Marketing Companies (OMCs), such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices regularly according to foreign exchange rates and global benchmark prices. Petrol and diesel price changes are set from 6 am everyday. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.
On Tuesday, crude oil prices were down because of weak manufacturing activity as per the data shown from the US, Japan and China. According to Reuters, Brent crude futures were down by 29 cents, at $99.74 per barrel, while WTI Crude was at $93.67 per barrel, down by 22 cents.