Petrol and diesel prices in India remained stagnant on Wednesday continuing the ten-month long price stability.
In Mumbai, petrol is currently being sold at ₹106.31 per litre, whereas the price of diesel in the city is ₹94.27 per litre. In the national capital petrol and diesel prices retail at ₹96.72 and ₹89.62 per litre, respectively.
Here are the fuel rates in other cities:
CITY PETROL (Rs/LITRE) DIESEL (Rs/LITRE)
Kolkata 106.03 92.76
Chennai 102.73 94.33
Gurugram 96.77 89.65
Noida 96.64 89.82
Oil Marketing Companies revise the fuel prices based on the most recent market trends every morning at 6am. The fuel prices are not controlled by the government. The OMCs need to adjust their prices. The Central government regulates fuel prices through excise duty, base prices and cap prices.
While the Centre collects excise duty, the states collect VAT. The VAT is different for each state and hence the pricing.