Petrol and diesel price today December 23

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol, diesel prices continue to remain unchanged on Thursday (23 December) across various cities in the country. Currently, petrol rate in Delhi is Rs 95.41 per litre while diesel in the national capital is retailing at Rs 86.67 per litre. In Mumbai, a litre of petrol and diesel is retailing at Rs 109.98 and Rs 94.14, respectively. Fuel prices have been stable since the Centre cut excise duty to bring down retail rates from record highs. It has been more than a month and half now since petrol and diesel prices have seen any changes, except in Delhi where petrol prices fell on December 1 after the Kejriwal government reduced the Value-Added Tax (VAT) on petrol from 30% to 19.40%.

Public sector oil marketing companies (OMCs) OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates. OMCs have neither raised nor reduced petrol and diesel rates in last one-and-a-half months even as international oil prices remained volatile with benchmark Brent crude plunging below $70 a barrel on November 30 from $84.78 on November 9. Any changes in petrol and diesel prices are implemented with effect from 6 am every day. Retail petrol, diesel prices differ from state to state on account of local taxes like VAT or freight charges.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price– Rs 109.98 per litre, Diesel price – Rs 94.14 per litre
Delhi: Petrol price – Rs 95.41 per litre, Diesel price – Rs 86.67 per litre
Chennai: Petrol price – Rs 101.40 per litre, Diesel price – Rs 91.43 per litre
Kolkata: Petrol price – Rs 104.67 per litre, Diesel price – Rs 89.79 per litre
Hyderabad: Petrol price – Rs 108.20 per litre, Diesel price – Rs 94.62 per litre
Bengaluru: Petrol price – Rs 100.58 per litre, Diesel price – Rs 85.01 per litre
Lucknow: Petrol price – Rs 95.02 per litre, Diesel price – Rs 86.56 per litre
Thiruvananthapuram: Petrol price – Rs 106.65 per litre, Diesel price – Rs 93.47 per litre
Noida: Petrol price – Rs 95.51 per litre, Diesel price – Rs 87.01 per litre
Gurugram: Petrol price- Rs 95.90 per litre, Diesel price- Rs 87.11 per litre

The fuel prices across key cities were collectively revised on November 4 after the Central government cut excise duties on petrol and diesel to bring down their retail rates from their record high gains. The government reduced excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre on November 3 to give relief to consumers from record-high retail fuel prices. The centre also urged states to cut VAT on the two auto fuels, following which several states announced VAT cuts. In a cabinet meeting chaired by Delhi CM Arvind Kejriwal on December 1, a decision was taken to reduce the Value-Added Tax (VAT) on petrol prices to 19.40%, bringing down the price by Rs 8.56 per litre.

Soon, there might be more relief in terms of petrol prices as the Modi government has reduced the GST rate on ethanol from 18% to 5% under the Ethanol Mixed Petrol (EBP) program. Under the EBP program, ethanol is mixed in petrol. The information was shared by Minister of State for Petrol and Natural Gas Rameshwar Teli in Lok Sabha recently.

Crude Oil price update

Oil prices rose on Wednesday after drawdown in U.S. inventories, shaking off worries about the Omicron coronavirus variant hitting the eonomic activity. Brent crude futures ended the day up $1.31, or 1.8%, to $75.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled at $72.76 a barrel, up $1.64, or 2.3%.