Petrol and gold prices remained unchanged in major cities on Saturday. According to fuel prices announced by oil marketing companies, petrol and diesel were sold in Delhi at ₹96.72 per litre and ₹89.62 per litre.
Here are the fuel prices for other major cities on August 27, 2023.
| CITY | PETROL PRICES (Rs/LITRE) | DIESEL PRICES (Rs/LITRE) |
|---|---|---|
| MUMBAI | 106.31 | 94.27 |
| KOLKATA | 106.03 | 92.76 |
| CHENNAI | 102.74 | 94.24 |
| BENGALURU | 101.94 | 87.89 |
| AHMEDABAD | 96.65 | 92.25 |
Petrol and diesel prices are revised daily at 6 am. Earlier, the fuel rates were revised after every 15 days. In 2014, the Government of India de-centralised fuel prices. Since 2017, the fuel prices are revised daily at 6 am.
Fuel prices are decided by oil marketing companies. They are not controlled by the government and need to adjust as per global rates.
The Centre regulates the fuel prices through excise duty. Last year, the Narendra Modi government had cut excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre. As a result, the petrol and diesel prices reduced by ₹9.5 per litre and ₹7 per litre respectively.
Finance minister Nirmala Sitharaman had posted on X, formerly Twitter. “We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre. This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre. It will have revenue implication of around ₹ 1 lakh crore/year for the government”.
Besides the taxes, the Centre also regulates the fuel prices through base prices and cap prices at which dealers and OMCs deal with each other.
The fuel prices in India are not under goods and service tax. While the Centre collects excise duty, the state governments collect VAT. Since VAT is different for each state, hence the pricing. Rajasthan levies the highest VAT in the country, followed by Madhya Pradesh and Maharashtra.
