Petrol Prices Fall After Excise Duty Cut; Crude Oil Remains Costlier; Check Petrol, Diesel Rates Today

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posted on 2 years ago — updated on 1 second ago

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Petrol price now stands at Rs 96.72 a litre in Delhi and Rs 111.35 per litre in Mumbai; diesel at Rs 89.62 a litre in Delhi and Rs 97.28 a litre in Mumbai

The petrol and diesel prices on Sunday remained unchanged for the 21st consecutive day despite the international crude oil prices hitting $120 per barrel. The price of petrol stood at Rs 96.72 per litre in Delhi and Rs 111.35 per litre in Mumbai, while diesel was retailing at Rs 89.62 per litre in Delhi and Rs 97.28 per litre in Mumbai. These are the prices after adjusting the excise duty cut, of Rs 8 per litre on petrol and Rs 6 per litre on diesel, announced by the central government on May 21.

Brent crude oil price on Friday stood at $122.01 a barrel. However, it cooled off on Friday by $1.06 per barrel after US consumer prices rose more than expected and China imposed new COVID-19 lockdown measures. US West Texas Intermediate crude dropped 84 cents to settle at $120.67 a barrel.

In Bhopal, the petrol price on Sunday was Rs 108.65 per litre and diesel was at Rs 93.90 per litre. In Hyderabad, petrol was selling at Rs 109.66 per litre, while diesel stood at Rs 97.82 per litre. In Bengaluru, the price of petrol stood at Rs 101.94 per litre and diesel at Rs 87.89 per litre, according to the latest notification by oil marketing companies.

In other parts of the country, petrol was retailing at Rs 106.03 per litre in Kolkata after the excise duty cut, while the price of diesel now stands at Rs 92.76 per litre. In Chennai, petrol was being sold at Rs 102.63 per litre on Saturday and diesel at Rs 94.24 a litre.

In Gandhinagar, the price of petrol stood at Rs 96.63 per litre and diesel at Rs 92.38 per litre. In Guwahati, the per-litre petrol price was Rs 96.01 and diesel at Rs 83.94. In Lucknow, petrol was selling at Rs 96.57 per litre and diesel at Rs 89.76 per litre. In Thiruvananthapuram, petrol was at Rs 107.71 per litre and diesel at Rs 96.52 per litre.

The central government had on May 21 cut excise duty on petrol by Rs 8 per litre and that on diesel by Rs 6 per litre. The cut was estimated to translate into a reduction of Rs 9.5 per litre in petrol prices and Rs 7 per litre in diesel, after taking into account its impact on other levies. Finance Minister Nirmala Sitharaman had also urged states to reduce VAT (value-added tax) for further bringing down petrol prices. After this, several state governments, including Kerala, Maharashtra and Rajasthan, also cut value-added tax on petrol and diesel, thus further reducing rates in those states.

Petrol, Diesel Prices on Sunday, June 12, in Delhi, Chennai and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre