Petrol and diesel prices in India remained stable again for the 89th consecutive day on August 18, 2022, except in Maharashtra. On July 15, the Maharashtra government announced a reduction in Value Added Tax (VAT) on petrol and diesel by Rs 5 per liter and Rs 3 per liter respectively. The move will cost the state exchequer Rs 6,000 crore annually. Fuel prices in other cities were left untouched by oil marketing companies after Finance Minister Nirmala Sitharaman announced an excise duty cut of Rs 8 per liter on petrol and Rs 6 per liter on diesel.
In Delhi, petrol is priced at Rs 96.72 per liter today, up from Rs 105.41 per liter after the earlier excise duty cut, while diesel is priced at Rs 89.62 per liter as against Rs 96.67 per litre. Today the price of petrol in Mumbai is Rs 106.31 per liter, while the price of diesel in Mumbai is Rs 94.27 per litre.
In Delhi, petrol is priced at Rs 96.72 per liter today, up from Rs 105.41 per liter after the earlier excise duty cut, while diesel is priced at Rs 89.62 per liter as against Rs 96.67 per litre. Today the price of petrol in Mumbai is Rs 106.31 per liter, while the price of diesel in Mumbai is Rs 94.27 per litre.
Public sector OMCs, such as Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL), have fixed daily fuel prices as per international benchmark prices and foreign exchange rates. Retail petrol and diesel prices vary from state to state due to local taxes such as VAT or freight charges.
crude oil price
Crude oil prices fell on Thursday morning amid fears of a global recession. According to Reuters, Brent crude futures were at $93.32 a barrel, while WTI crude was at $87.71 a barrel.