The petrol and diesel rates remained unchanged on Monday. According to fuel prices announced by the oil companies, petrol was being sold in Delhi at ₹96.72 per litre while the cost of diesel stood at ₹89.62 per litre.In India’s financial capital Mumbai, the price of petrol stood at ₹106.31 while the cost of diesel was at ₹94.27 per litre. The petrol and diesel prices in Kolkata stood at ₹106.03 per litre and ₹92.76 per litre. The petrol and diesel prices in Chennai stood at ₹102.63 per litre and ₹94.24 per litre.Here are the petrol and diesel prices for other prominent cities:-
CITYPETROL PRICE (Rs/LITRE)DIESEL PRICE (Rs/LITRE)BENGALURU101.9487.89LUCKNOW96.5789.89JAIPUR108.6294.26PATNA107.2494.36BHOPAL108.6593.90 How are petrol and diesel prices determined?
Fuel prices in India are revised daily at 6 am after being decided by top oil companies. They are not controlled by the government. The Union government controls the petrol and diesel prices through excise duty.
It also regulates the petrol and diesel prices through base prices and cap prices at which dealers and OMCs deal with each other.
How is the fuel price calculated?
The price at which the petrol or diesel dealers or distributors buy from oil marketing companies+excise duty+dealer’s commission+ value added tax levied by the state government= Petrol price
Why are fuel prices different in states?
A. 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.
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