Petrol, Diesel Become Cheaper after Excise Duty, VAT Cut; Know Fuel Price Today

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The price of petrol stood at Rs 96.72 a litre in Delhi and Rs 111.35 in Mumbai, while diesel was being sold at Rs 89.62 a litre in Delhi and Rs 97.28 in Mumbai

After seeing a drop in the prices last week following the central government announcing a cut in excise duty, the petrol and diesel prices on Sunday remained unchanged. The price of petrol stood at Rs 96.72 per litre in Delhi and Rs 111.35 per litre in Mumbai, while diesel was being sold at Rs 89.62 per litre in Delhi and Rs 97.28 per litre in Mumbai.

In Kolkata, the petrol price has been reduced to Rs 106.03 per litre after the excise duty cut, while the price of diesel now stands at Rs 92.76 per litre. In Chennai, petrol was being sold at Rs 102.63 per litre on Sunday and diesel at Rs 94.24 a litre.

In other parts of the country, the price of petrol in Bhopal on Sunday was Rs 108.65 per litre and that of diesel was Rs 93.90 per litre. In Hyderabad, petrol was retailing at Rs 109.66 per litre, while diesel was at Rs 97.82 per litre. In Bengaluru, the price of petrol stood at Rs 101.94 per litre and diesel at Rs 87.89 per litre.

In Guwahati, petrol was at Rs 96.01 per litre and diesel at Rs 83.94 per litre. In Lucknow, petrol was selling at Rs 96.57 per litre and diesel at Rs 89.76 per litre. In Gandhinagar, petrol stood at Rs 96.63 per litre and diesel at Rs 92.38 per litre. In Thiruvananthapuram, petrol was at Rs 107.71 per litre and diesel at Rs 96.52 per litre.

The central government on May 21 cut excise duty on petrol by Rs 8 per litre and that on diesel by Rs 6 per litre. The cut was estimated to translate into a reduction of Rs 9.5 per litre in petrol prices and Rs 7 per litre in diesel, after taking into account its impact on other levies. After this, several state governments, including Kerala, Maharashtra and Rajasthan, also cut VAT on petrol and diesel, thus further reducing rates in those states.

In the international market, crude oil prices rose on Friday, closing out the week with gains ahead of the US Memorial Day holiday weekend, according to a Reuters report. Brent crude rose $2.03, or 1.7 per cent, to settle at $119.43. U.S. West Texas Intermediate (WTI) crude rose 98 cents, or 0.9 per cent, to settle at $115.07 a barrel. For the week, Brent rose 6 per cent while WTI gained 1.5 per cent.

Petrol, Diesel Prices on Sunday, May 29, in Delhi, Chennai and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre