Petrol, Diesel Prices Today: Fuel prices remained unchanged on May 31, 2022 for the tenth day across the four metros.
Petrol price in Delhi is Rs 96.72 a litre while diesel in the national capital costs Rs 89.62 a litre.
In Mumbai petrol costs Rs 111.35 per litre while diesel is priced at Rs 97.28 a litre. Among the four metro cities, fuel prices remain the highest in Mumbai.
Earlier on May 22, 2022, fuel prices had come down after Finance Minister Nirmala Sitharaman had announced a cut in excise duty on petrol by 8 per litre and 6 rupees per litre on diesel on the evening of May 21.
The excise duty cuts along with Rs 5 cut on petrol and Rs 10 reduction on diesel which was implemented from November 4, 2021, rolled back the Rs 13 per litre and Rs16 per litre increase in taxes on petrol and diesel, respectively, which was effected between March 2020 and May 2020, to avoid passing on to consumers the sharp fall in international oil prices.
Fuel rates vary from state to state depending upon the incidence of local taxation.
Here are the petrol and diesel price across the metro cities:
State-run oil refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.
India is 85 per cent dependent on imports to meet its oil needs and the domestic petrol and diesel prices are linked to international rates.
According to the Petroleum Ministry’s Petroleum Planning and Analysis Cell’s (PPAC) latest report 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.