Petrol, Diesel Prices Fall Sharply Post Excise Duty Cut: Check Fuel Rates Today

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Petrol, Diesel Prices on Tuesday: The price of petrol in Delhi stands at Rs 96.72 per litre while that of diesel is at Rs 89.62

Petrol, Diesel Prices on Tuesday: The prices of petrol and diesel remained unchanged for the ninth day in a row on Tuesday, May 31, 2022. The price of petrol in Delhi stands at Rs 96.72 per litre while that of diesel is at Rs 89.62. In Mumbai, petrol currently costs Rs 111.35, while diesel is retailing at Rs 97.28, data available on Indian Oil Corporation’s website showed. Petrol now costs Rs 102.63 in Chennai, while diesel price stands at Rs 94.24. In Kolkata, petrol is retailed at Rs 106.03 and diesel is sold at Rs 92.76.

The prices of petrol and diesel saw a sharp reduction last week when finance minister Nirmala Sitharaman announced that the central government had decided to slash the excise duty on petrol and diesel given their exorbitant prices. On May 21, the government announced a cut in excise duty on petrol and diesel by Rs 8 and Rs 6 a litre, respectively. The move marked a reduction of petrol rates by Rs 9.5 per litre and diesel by Rs 7 a litre. Subsequently, the state governments of Maharashtra, Rajasthan and Kerala too decreased VAT on petrol and diesel following Sitharaman’s call to provide further relief to consumers following a cut in excise duty by the Centre.

Companies like Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, and, Hindustan Petroleum Corporation Ltd, generally revise the rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.

Oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports, Reuters reported. Further, trading activity was muted due to a public holiday in the United States. The Brent crude futures contract for July, which will expire on Tuesday, settled up $2.24, or 1.9 per cent, at $121.67 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up $1.99, or 1.7 per cent, to $117.06 a barrel at 18.03 GMT, extending solid gains made last week.

Petrol, Diesel Prices on Tuesday, May 31, in Delhi, Mumbai, Chennai, Kolkata 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