Petrol and diesel prices remained stable again for more than three months on September 6, 2022. Finance Minister Nirmala Sitharaman announced reduction of excise duty on petrol and diesel by Rs 8 per liter and Rs 6 per liter respectively. After that, the Maharashtra government had on July 15 announced a reduction in Value Added Tax (VAT) by Rs 5 per liter on petrol and Rs 3 per liter on diesel.
Meghalaya was the last state to increase VAT on petrol and diesel on August 24. Petrol now costs Rs 96.83 per liter in Shillong and diesel now costs Rs 84.72 per liter. The price of petrol and diesel in Delhi is Rs 96.72 per liter and Rs 89.62 per liter respectively. 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.
Meghalaya was the last state to increase VAT on petrol and diesel on August 24. Petrol now costs Rs 96.83 per liter in Shillong and diesel now costs Rs 84.72 per liter. The price of petrol and diesel in Delhi is Rs 96.72 per liter and Rs 89.62 per liter respectively. 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.
Petrol and diesel prices vary based on several factors such as value added tax (VAT), local taxes and freight charges. Fuel retailers such as Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL) fix fuel prices in line with foreign exchange rates and international benchmark prices. Retail petrol and diesel prices vary from state to state due to local taxes such as VAT or freight charges.
crude oil price
Brent crude futures were trading 0.3 per cent lower at $95.44 per barrel, while US West Texas Intermediate (WTI) crude futures were trading 2.6 per cent higher at $89.13 per barrel.