Petrol and diesel prices in India remained stagnant on Tuesday 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.
1 litre of petrol currently costs ₹102.63 while diesel is ₹94.24 per litre in Chennai. In Kolkata, petrol is available at ₹106.03 per litre and diesel at ₹92.76 per litre.
Meanwhile, the Kerala government increased fuel prices by ₹2 from April 1.
Fuel prices were last revised in May 2022 after the Centre cut the excise duty by ₹8 per litre on petrol and ₹6 per litre on diesel. This reduced the cost of petrol and diesel by ₹9.5 and ₹7, respectively. In July 2022, Maharashtra government cut the value added tax (VAT) on petrol and diesel by ₹5 and ₹3 per litre.
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.