On Wednesday, July 20, petrol and diesel prices in most of the cities have remained stagnant for two months now. Recently, the Chief Minister of Maharashtra, Eknath Shinde announced 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 price in Mumbai now is Rs 106.31 per litre, while the diesel price in Mumbai stads at Rs 94.27 per litre.
The Finance Minister, Nirmala Sitharaman announced an excise duty cut in petrol and diesel prices by Rs 8 a litre and Rs 6 a litre, respectively on May 21. In Delhi, the retail petrol price is Rs 96.72 per litre and the retail diesel price is Rs 89.62 per litre. Consumers need to pay Rs 102.63 per litre for petrol and Rs 94.24 per litre for diesel in Chennai. The petrol price in Kolkata today is Rs 106.03 per litre, while the diesel price in Kolkata stands at Rs 92.76 per litre.
Fuel prices are set and revised by public sector Oil Marketing Companies (OMCs), such as Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd. The latest price notification is issued by these Oil Marketing Companies by 6 am every day.
Foreign exchange rates, international crude oil prices and inflation are some of the global factors that affect petrol and diesel prices. Retail petrol and diesel prices vary from state to state in India due to VAT or freight charges.