Oil Prices Rised In India: Check New Petrol And Diesel Rates In Your Cities

PK DeskFebruary 7, 2023Last Updated: February 7, 2023

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Fuel prices remained stable on Tuesday, 7th February 2023, keeping costs unchanged for nearly eight months now. The price of petrol and diesel varies from state to state, depending on various factors such as Value Added Tax (VAT), freight charges, local taxes, etc. The last country-wide change in fuel prices was on 21st May 2022, when the Finance Minister Nirmala Sitharaman reduced the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.

Since the cut in excise duty by the central government in May 2022, some states have reduced VAT prices on fuels, while some have imposed a cess on petrol and diesel. The Punjab government has imposed a cess of 90 paise per litre on petrol and diesel in a meeting of the state cabinet. The Kerala Finance Minister also announced a cess on petrol, diesel and liquor in the second full budget of the LDF government. A social security cess of Rs 2 per litre will be imposed on petrol and diesel.

Here are the petrol and diesel prices in different cities of India as of 7th February 2023:

Delhi: Petrol price is 96.72 per litre and diesel is 89.62 per litre
Mumbai: Petrol price is 106.31 per litre and diesel is 94.27 per litre
Chennai: Petrol price is 102.63 per litre and diesel is 94.24 per litre
Kolkata: Petrol price is 106.03 per litre and diesel is 92.76 per litre
Bengaluru: Petrol price is 101.94 per litre and diesel is 87.89 per litre
Lucknow: Petrol price is 96.57 per litre and diesel is 89.76 per litre
Noida: Petrol price is 96.79 per litre and diesel is 89.96 per litre
Gurugram: Petrol price is 97.18 per litre and diesel is 90.05 per litre
Chandigarh: Petrol price is 96.20 per litre and diesel is 84.26 per litre
Srinagar: Petrol price is 101.74 per litre and diesel is 86.83 per litre

Public sector Oil Marketing Companies (OMCs), including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL), revise their prices daily based on international benchmark prices and forex rates. Any changes in petrol and diesel costs are implemented from 6 am every day.

The Oil Minister Hardeep Singh Puri recently asked OMCs to lower the retail prices of petrol and diesel if the crude oil prices in the international market decrease and if the OMCs’ under-recoveries decrease. OMCs incurred a loss of Rs 21,200 crore due to the sale of petrol and diesel below cost price.