Gasoline and diesel prices today: Fuel prices remained unchanged on May 31, 2022 for the tenth day in all four metros.
The price of petrol in Delhi is Rs 96.72 per liter while diesel in the nation’s capital costs Rs 89.62 per litre.
In Mumbai, petrol costs Rs 111.35 per liter while diesel costs Rs 97.28 per litre. Among the four metropolitan cities, fuel prices remain the highest in Mumbai.
Earlier on May 22, 2022, fuel prices fell after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol of Rs 8 per liter and Rs 6 per liter on diesel in the evening of May 21.
The excise duty cuts along with the Rs 5 cut on petrol and the Rs 10 cut on diesel which was implemented from 4 November 2021, reversed the Rs 13 per liter increase and 16 rupees per liter of taxes on petrol and diesel, respectively, which has been effected. between March 2020 and May 2020, to avoid passing on to consumers the sharp drop in international oil prices.
Fuel prices vary from state to state depending on the incidence of local taxes.
Here is the price of gasoline and diesel in metropolitan cities:
State-run oil refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices daily, taking into account crude oil prices in international markets and rupee-dollar exchange rates. Any changes to gasoline and diesel prices are implemented with effect from 6 a.m. daily.
India is 85% dependent on imports to meet its oil needs and domestic gasoline and diesel prices are linked to international prices.
According to the latest report by Petroleum Ministry’s Petroleum Planning and Analysis Cell (PPAC) released on May 30, 2022, the price of Crude Oil (Indian Basket) jumped to $114.14 per barrel on May 27, 2022 at an exchange rate (Rs/$) of Rs.77.66.