Petrol and diesel prices held steady again for over three months now on September 6, 2022. Finance Minister Nirmala Sitharaman announced an excise duty cut on petrol and diesel by Rs 8 per litre and Rs 6 per litre, respectively. After that, the Maharashtra government had announced a Value-Added Tax (VAT) cut on petrol by Rs 5 per litre and on diesel by Rs 3 per litre on July 15.
Meghalaya was the last state to increase VAT on petrol and diesel on August 24. In Shillong, petrol price now is Rs 96.83 per litre and diesel price now is Rs 84.72 per litre. In Delhi, petrol and diesel are priced at Rs 96.72 per litre and Rs 89.62 per litre, respectively. Petrol price in Mumbai is Rs 106.31 per litre, while diesel price in Mumbai is Rs 94.27 per litre.
Meghalaya was the last state to increase VAT on petrol and diesel on August 24. In Shillong, petrol price now is Rs 96.83 per litre and diesel price now is Rs 84.72 per litre. In Delhi, petrol and diesel are priced at Rs 96.72 per litre and Rs 89.62 per litre, respectively. Petrol price in Mumbai is Rs 106.31 per litre, while diesel price in Mumbai is Rs 94.27 per litre.
Petrol and diesel prices vary depending on several factors like Value Added Tax (VAT), local taxes and freight charges. Fuel retailers, such as Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL) set the fuel prices in line with foreign exchange rates and international benchmark prices. Retail petrol and diesel prices differ from state to state due to local taxes, such as VAT or freight charges.
Crude oil price
Brent crude futures fell 0.3 percent to trade at $95.44 per barrel, while the US West Texas Intermediate (WTI) crude futures were up 2.6 percent to trade at $89.13 per barrel.