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Petrol and Diesel Rate Today, 7 February: Fuel prices steady; Check rates in Delhi, Mumbai, other cities

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Petrol and Diesel Price Today in India: In Delhi, petrol is priced at Rs 96.72, while diesel in the National Capital is retailing at Rs 89.62 per litre on Tuesday.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Fuel prices continued to stagnate on Tuesday, 7 February 2023, keeping costs steady for about eight months now. In Delhi, petrol is priced at Rs 96.72, while diesel in the National Capital is retailing at Rs 89.62 per litre. In Mumbai, petrol is retailing at Rs 106.31 per litre, and diesel is selling at Rs 94.27 per litre. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, the local taxes, etc. The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.

Read More: RBI’s Monetary Policy Committee Meeting Starts Amid Expectations of Lower Rate Hike

Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol, diesel The Punjab government has decided to impose a cess of 90 paise per litre on petrol and diesel in a meeting of the state cabinet here on Friday. Kerala Finance Minister KN Balagopal also announced a cess on petrol, diesel and liquor in the second full budget of the LDF government on Thursday. A social security cess of Rs 2 per litre will be slapped on petrol and diesel.

Oil prices rose for a second day on Tuesday on supply concerns after an earthquake shuttered a major export terminal in Turkey and a field in the North Sea shut unexpectedly, while demand in China, the world’s biggest importer, looks set to increase. Brent crude futures rose 40 cents, or 0.5%, to $81.39 per barrel by 0117 GMT, while West Texas Intermediate futures rose 43 cents, or 0.6%, to $74.54 per barrel.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Read More: Govt Trims Budget for MGNREGS as PMAY, Jal Jeevan Get More Funds, Says CEA

Chennai: Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litre
Kolkata: Petrol rate today: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litre
Bengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre
Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre
Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per litre
Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per litre
Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litre
Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litre
Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litre

Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their prices daily in line with international benchmark prices and forex rates. Any changes in petrol and diesel costs are implemented from 6 am every day. Oil Minister Hardeep Singh Puri recently asked OMCs to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down and also if OMCs under recovery come down. OMCs incurred a loss of Rs 21,200 crore on account of selling petrol and diesel below the cost price.

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