Petrol, Diesel Prices Drop After Excise Duty Cut; Check Fuel Rates in Your City Today

By WEB DESK Last updated Jun 23, 2022

Petrol and diesel prices remain unchanged today for the 32nd day in a row on Thursday i.e. June 23. The last time petrol and diesel prices declined was on May 22, a day after the Centre slashed the excise duty by Rs 8 per litre on petrol and Rs 6 per litre on diesel on May 21.

This reduction in the excise duty has brought the price of a litre of petrol and diesel down by Rs 9.5 and Rs 7, respectively. Petrol in Delhi will now cost Rs 96.72 per litre as against Rs 105.41 previously while diesel rates have gone down from Rs 96.67 per litre to Rs 89.62 according to a price notification of state fuel retailers.

In Mumbai, the petrol price per litre is Rs. 111.35 and the diesel prices remained at Rs. 97,28 per litre. Petrol prices today in Bangalore are at Rs. 101.94 per litre while diesel price remained at Rs. 87.89 per litre.

It is well known that India is mainly dependent on crude oil imports for petrol and diesel. Hence crude prices affect petrol and diesel rates. However, other factors such as rising demand, government taxes, rupee-dollar depreciation and refinery concept ratio will also have an impact on domestic fuel prices.