In India, oil marketing companies (OMCs) review fuel prices on a daily basis. The rates, whether revised or unchanged, are announced at 6am each day.
Fuel prices across major cities are unchanged on Wednesday, which means that a litre each of petrol and diesel continues to retail at ₹96.72 and ₹89.62 respectively, in Delhi, while in Mumbai, these continue to be available for ₹106.31 and ₹94.27 per litre respectively.
In Kolkata, on the other hand, customers must still pay ₹106.03 for a litre of petrol and ₹92.76 for an equal quantity of diesel, with the corresponding rates for Chennai being ₹102.86 and ₹94.46 respectively.
The previous pan-country revision to the fuel prices was done on May 21 last year.
Who determines fuel prices in India?
Oil marketing companies (OMCs) review petrol and diesel prices on a daily basis; they then determine the rates in accordance with those for crude oil throughout the world.
Fuel rates, whether revised or unchanged, are announced at 6am each day.
Why fuel prices vary from state-to-state?
These are regulated by the central government through excise duty, base prices, and cap prices. While excise duty is collected by the Centre, value-added tax (VAT) is collected by individual states. As VAT is different for each state, fuel rates may vary accordingly.
Source By: hindustantimes
