Prices of gasoline and diesel are steady in all metro areas

For more than a month, the prices of gasoline and diesel were unchanged on Monday across urban areas. The Center reduced the excise duty on gasoline and diesel by 8 and 6 cents per litre, respectively, on May 21. The change resulted in a 9.5 cent per litre drop in gasoline prices and a 7 cent drop in diesel prices.

In Delhi, a litre of gasoline costs 96.72, while a litre of diesel costs 89.62.

In Mumbai, retail prices for gasoline and diesel are respectively 111.35 and 97.28 rupees per litre.

In Chennai, the price of gasoline is currently 102.63 rupees, while that of diesel is 94.24. In Kolkata, retail prices for gasoline are 106.03 and 92.76 respectively.

Mumbai has the highest fuel prices out of the four major cities. Because of the value-added tax, the rates differ between states (VAT).

The fuel prices are adjusted daily by state-run oil refiners including Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum by taking into consideration the price of crude oil on the global markets and the rupee-dollar exchange rates. Every day at six in the morning, any changes to fuel prices take effect.

India imports 85% of its crude oil requirements, and domestic gasoline prices are tied to global prices.

Due to worries about a global economic downturn, crude oil prices plummeted globally during today’s erratic trade. Brent and American West Texas Intermediate (WTI) futures had a dollar-plus decline earlier. However, prices have recovered, with WTI at $107.17, down 45 cents, and Brent at $112.78, down 34 cents.