Fuel prices remained unchanged on May 29 more than a week after the government announced an excise duty cut on petrol by a record Rs 8 per litre and on diesel by Rs 6 per litre on May 21.
The sop translated into a reduction of Rs 9.5 a litre for petrol in Delhi and Rs 7 a litre for diesel.
Petrol in Delhi now costs Rs 96.72 a litre as against Rs 105.41 a litre before while diesel costs Rs 89.62 a litre as opposed to Rs 96.67 earlier.
In Mumbai, one litre of petrol costs Rs 111.35 and diesel Rs 97.28. In Chennai, petrol and diesel prices are Rs 102.63 and Rs 94.24 per litre respectively. In Kolkata, petrol is Rs 106.03 and diesel is Rs 92.76 per litre.
Oil marketing companies 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.
Petrol & Diesel Rates Jun 27, 2022
India meets 80 percent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices.
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, dismissing 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.