The fuel prices remained unchanged on May 25. Earlier in the week, the government announced an excise duty cut on petrol by a record Rs 8 per litre and on diesel by Rs 6 per litre.
The excise sop translated into a reduction of Rs 9.5 a litre on petrol in Delhi and Rs 7 a litre in diesel after taking into account its impact on other levies.
Petrol price in Delhi now costs Rs 96.72 a litre as against Rs 105.41 a litre, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67 now.
In Mumbai, one litre of petrol will cost Rs 111.35 and a litre of diesel Rs 97.28. In Chennai, the petrol and diesel prices are Rs 102.63 and Rs 94.24 per litre respectively. While in Kolkata, the price of petrol is Rs 106.03 and diesel is Rs 92.76.
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Oil-marketing companies (OMCs) are passing on the excise duty cut to consumers despite losing Rs 13.08 a litre on petrol and Rs 24.09 per litre on diesel because of holding rates.
India meets 80 percent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices.
OMCs adjust the rates of petrol and diesel every day, depending on the average price of benchmark fuel in the global market over the previous 15 days and foreign exchange rates.
Finance minister Nirmala Sitharaman on May 22 said the reduction in central taxes on petrol and diesel has been in road and infrastructure cess that is not shared with states, refuting opposition's criticism that the move will impact states' share in central revenues.
Sitharaman has also announced that the government would provide a subsidy of Rs 200 per LPG cylinder to over nine crore beneficiaries of the Pradhan Mantri Ujjwala Yojana.
