Petrol, Diesel Prices Today: After a gap of 45 days, fuel prices came down on Sunday May 22, 2022 after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre and 6 rupees per litre on diesel on Saturday evening.
This cut led to a reduction of Rs 9.5 a litre on petrol in Delhi and Rs 7 a litre in diesel after taking into account its impact on other levies. Petrol prices in Delhi today came down to Rs 96.72 a litre as against Rs 105.41 a litre earlier. Diesel in the national capital now costs Rs 89.62 a litre as against the earlier prices of Rs 96.67 per litre.
In Mumbai after the excise duty cut, petrol now costs Rs 111.35 per litre while diesel is priced at Rs 97.28 a litre.
The excise duty cuts along with Rs 5 cut on petrol and Rs 10 reduction on diesel which was implemented from November 4, 2021, rolls back the Rs 13 per litre and Rs16 per litre increase in taxes on petrol and diesel, respectively, effected between March 2020 and May 2020 to avoid passing on to consumers the sharp fall in international oil prices.
Fuel prices though are still the highest in Mumbai among the four metro cities.
Fuel rates vary from state to state depending upon the incidence of local taxation.
Here are the petrol and diesel price across the metro cities:
Meanwhile the Petroleum Ministry’s Petroleum Planning and Analysis Cell’s (PPAC) latest report released on May 20, 2022 shows that the price of crude oil (Indian Basket) remained high at $107.15 per barrel on May 19, 2022 at an exchange rate (Rs/$) of Rs.77.70.
State-run oil refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and the domestic petrol and diesel prices are linked to international rates.