Fuel Rates: Petrol and Diesel prices in India have mostly remained unchanged on 1 January 2023. Prices have remained stable for the past seven months. Ahead of the New Year, no changes have been seen in the fuel price rates.

On May 21, 2022, Finance Minister Nirmala Sitharaman reduced the excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre across the entire country. In Delhi, the cost of petrol is ₹96.72 and that of diesel is ₹89.62 a litre, respectively. Petrol costs ₹106.31 per litre in Mumbai while diesel costs ₹94.27.

Fuel Price In The Cities

Ahead of the unchanged prices, metropolitan cities like Mumbai and the national capital Delhi has Petrol rates at ₹106.31 per litre and ₹96.72 per litre respectively. Diesel costs about ₹94.27 per litre and ₹89.62 per litre respectively.

In Kolkata, the cost of petrol is ₹106.03 and that of diesel is ₹92.76 a litre, respectively. Petrol costs ₹102.63 per litre in Chennai while diesel costs ₹94.24. In Bengaluru, it’s ₹101.94 for a litre of petrol and ₹87.89 for a litre of diesel.

City

Petrol

Diesel

Bengaluru	101.94	87.89
Bhubaneswar	103.19	94.76
Chandigarh	96.2	84.26
Chennai	102.63	94.24
Gurgaon	96.84	89.72
Hyderabad	109.66	97.82
Jaipur	109.39	94.55
Kolkata	106.03	92.76
Lucknow	96.33	89.53
Mumbai	106.31	94.27
New Delhi	96.72	89.62
Noida	96.59	89.76
Patna	107.24	94.04
Thiruvananthapuram	107.71	96.52

Also Read: Crude Oil: Prices Likely To Rise In Global Market: Check Prices

VAT On Fuel Prices

Any changes in petrol and diesel costs are implemented from 6 am every day. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, the local taxes, etc. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their prices daily in line with international benchmark prices and forex rates.

Since the central government reduced excise duty, some states have reduced VAT prices on fuels. On August 24, Meghalaya increased the VAT on the fuel price resulting petrol to cost ₹96.83 per lite in Shillong, whereas, diesel is at ₹84.72 per litre. The city has been the last to change the fuel rates.

Recently, Crude oil prices are likely to rise in the global market today. Brent crude is trading at $ 85.91 per barrel, up by $ 2.45 (2.49 per cent). WTI is being sold at $ 80.26 per barrel, costlier by $ 1.86 (2.37 per cent).

On every December 31, government oil companies have released new prices of petrol and diesel in the country.

-Bharat Express