Petrol And Diesel Price Update: Prices for fuel in India stayed stable on Tuesday maintaining a year-long stability that began on May 21, last year, when the previous pan-India revision to fuel rates was implemented.
The most recent nationwide change was made by Finance Minister Nirmala Sitharaman in May 2022, when she reduced the excise duty on petrol and diesel by $8 per litre and $6 per litre, respectively.
Prices in major cities such as New Delhi, Kolkata, Mumbai, and Chennai remained unchanged from the day before, providing consumers with ease.
After the government regulated petrol and diesel prices in 2010 and 2014, respectively, these retail prices are revised daily at 6 a.m. by Oil Marketing Companies (OMCs) in accordance with world crude prices.
Since 2017, petrol prices in India have been updated daily. This was a significant shift from the previous practise of changing petrol prices every two weeks.
Fuel pricing in India is regulated by the central government and is influenced by a number of factors such as excise duty, base prices, and cap prices. The central government is in charge of collecting excise duty, while individual states are in charge of paying Value Added Tax (VAT).
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