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New Delhi: Petrol and diesel prices remained unchanged on September 19, the latest price notification issued by fuel retailers showed. The oil marketing companies revise the fuel rates everyday at 6 am.

As per the latest fuel rates announced by the oil marketing companies, petrol in Delhi is being sold at Rs 96.72 a litre while diesel is being sold at Rs 89.62 a litre. Whereas in Mumbai, petrol is available at Rs 106.31 and diesel at Rs 94.27 per litre. While petrol in Kolkata is Rs 106.03 and diesel is Rs 92.76 per litre. On the other hand, petrol is being sold at Rs 102.63 and diesel at Rs 94.24 per litre in Chennai.

At present, in Lucknow, petrol is being sold at Rs 96.57 and diesel at Rs 89.76 per litre. The price of petrol in Noida is Rs 96.79 and diesel is Rs 89.96 per liter. Apart from this, the price of petrol in Ghaziabad is stable at Rs 96.58 per liter and diesel at Rs 89.75 per liter. At the same time, the price of petrol in Gurugram is Rs 97.18 and diesel is Rs 90.05 per liter.

As mentioned earlier, the petrol and diesel prices are revised daily at 6 am. The prices are decided by the oil marketing companies (OMCs) – Bharat Petroleum, Hindustan Petroleum, Indian Oil. The Centre controls fuel prices through excise duty, base and cap prices at which dealers and oil companies 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.

Last year, the Narendra Modi government cut central excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre, resulting in reduction of price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre.

Meanwhile, on the international front, the oil prices rose for a fourth consecutive session in early trading on Tuesday, as weak U.S. shale production stoked further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.

U.S. West Texas Intermediate crude futures rose 90 cents, or 1%, to $92.38 by 0018 GMT, having hit a 10-month high on Monday, while global oil benchmark Brent crude futures rose 27 cents, or 0.3%, to $94.70 per barrel.

India imports about 85% of its oil needs and so domestic pump rates are dependent on international prices, as denominated by the Indian basket of crude oil.

  • Published On Sep 19, 2023 at 09:50 AM IST

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