Since the central government reduced excise duty in May 2022 last year, some states have reduced VAT on fuel prices, while others have imposed cess on petrol and diesel. The Punjab government has decided to impose a cess of 90 paise per liter on petrol and diesel in the Punjab state cabinet meeting.
First Published Feb 28, 2023, 9:19 AM IST
Fuel prices today remain stable on Tuesday 28 February 2023, petrol diesel prices have remained unchanged for almost eight months. Petrol price in national capital Delhi today is Rs.96.72, while diesel price is Rs.89.62 per litre. Petrol price in Mumbai is Rs.106.31 and diesel price is Rs.94.27. Petrol and diesel prices vary from state to state and are also subject to various criteria such as Value Added Tax (VAT), freight charges, local taxes etc. The last nationwide change in fuel rates was on May 21 last year. Then Union Minister Nirmala Sitharaman reduced the excise duty on petrol by Rs.8 per liter and diesel by Rs.6 per litre.
Petrol and Diesel prices in popular cities are: Chennai: Petrol price per liter Rs. 102.63, diesel price Rs. 94.24 Kolkata: Petrol price per liter Rs. 106.03, diesel price per liter Rs. 92.76 Bengaluru: Petrol price per liter Rs. 101.94, diesel price Rs.89.76 per litre Lucknow: Petrol price per liter Rs. 96.57, diesel price Rs. 89.76 Noida: Petrol price Rs. 96.79, diesel price per liter Rs. 89.96 Gurugram: Petrol price Rs. 97.18, diesel price Rs. 90.05 per litre Chandigarh: Petrol price per liter Rs. 96.20, diesel price per liter Rs. 84.26 Petrol price in Hyderabad is Rs.109.66, Diesel price is Rs.97.82
Since the central government reduced excise duty in May 2022 last year, some states have reduced VAT on fuel prices, while others have imposed cess on petrol and diesel. The Punjab government has decided to impose a cess of 90 paise per liter on petrol and diesel in the Punjab state cabinet meeting. Kerala Finance Minister KN Balagopal also announced cess on petrol, diesel and liquor in the LDF government’s second full budget. A social security cess of Rs.2 per liter is levied on petrol and diesel.
Public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) revise prices daily in line with international benchmark prices and forex rates. Any changes in petrol and diesel prices will be implemented from 6 am every day.
