On July 1, petrol and diesel prices in the country continued their steady streak for over a month. Consumers of petrol in Delhi will be paying Rs 96.72 per litre, while consumers of diesel will have to pay Rs 89.62 per litre. In Mumbai, a litre of petrol can be purchased for Rs 111.35, while one litre of diesel is available for Rs 97.28 in the financial capital of the country. In Kolkata, petrol is being retailed for Rs 106.03 per litre, while diesel is being retailed for Rs 92.76 per litre. Petrol consumers in Chennai are paying Rs 102.63 per litre, while consumers of diesel in the capital city of Tamil Nadu are paying Rs 94.24 per litre.
The reduction in fuel prices came when on May 21, Union Finance Minister Nirmala Sitharaman announced a cut in Excise Duty on petrol and diesel by Rs 8 and Rs 6 a litre, respectively. The move led to a reduction of petrol rates by Rs 9.5 per litre and diesel by Rs 7 per litre.
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Fuel prices in India are set and revised by Oil Marketing Companies (OMCs) on a daily basis. These prices are set on the fuel’s benchmark average price over the previous 15 days in the global market and the foreign exchange rates. Apart from OMCs, the fuel price also varies from state to state; this happens because petrol and diesel prices depend on several local factors that affect their price. The cost of petrol and diesel in a state can vary due to factors like freight charges and local taxes (VAT).
Petrol, Diesel Prices on July 1, in Delhi, Chennai and Other Major Cities in India:
Delhi
Petrol: Rs 96.72 per litre
Diesel: Rs 89.62 per litre
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Mumbai
Petrol: Rs 111.35 per litre
Diesel: Rs 97.28 per litre
Kolkata
Petrol: Rs 106.03 per litre
Diesel: Rs 92.76 per litre
Chennai
Petrol: Rs 102.63 per litre
Diesel: Rs 94.24 per litre
Bhopal
Petrol: Rs 108.65 per litre
Diesel: Rs 93.90 per litre
Hyderabad
Petrol: Rs 109.66 per litre
Diesel: Rs 97.82 per litre
Bengaluru
Petrol: Rs 101.94 per litre
Diesel: Rs 87.89 per litre
Guwahati
Petrol: Rs 96.01 per litre
Diesel: Rs 83.94 per litre
Lucknow
Petrol: Rs 96.57 per litre
Diesel: Rs 89.76 per litre
Gandhinagar
Petrol: Rs 96.63 per litre
Diesel: Rs 92.38 per litre
Thiruvananthapuram
Petrol: Rs 107.71 per litre
Diesel: Rs 96.52 per litre
