Petrol and diesel prices May 23: Prices fall after excise duty cuts; Check the price

Petrol and diesel rates today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices remain unchanged today. Fuel prices have plummeted since Finance Minister Nirmala Sitharaman on Saturday announced a reduction in excise duty on petrol by Rs 8 per liter and diesel by Rs 6 per liter. From today, the price of petrol in Delhi, when the excise deficit is effective, will be Rs 96.72 per liter, Rs 105.41 per liter, while the price of diesel will be Rs 89.62 per liter as against Rs 96.67. In Mumbai, petrol is being sold at Rs 111.35 per liter and diesel at Rs 97.28 per liter after reduction of excise duty and VAT.

Public sector OMCs, including Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL), adjust the benchmark international prices and foreign exchange rates on a daily basis. Any change in petrol and diesel prices will be effective from 6 am daily. Retail petrol and diesel prices vary from state to state due to local taxes like VAT or freight charges. Following the central government’s decision to reduce excise duty, several state governments have reduced VAT on petrol and diesel.

The Kerala government has announced a reduction in petrol and diesel prices by Rs 2.41 and Rs 1.36 per liter, respectively. The Rajasthan government has reduced VAT on petrol by Rs 2.48 per liter and diesel by Rs 1.16 per liter, while the Shiv Sena-led Maharashtra government has reduced the value added tax (VAT) by Rs 2.08 per liter on petrol and Rs 1.44 per liter on diesel. The Orissa government has also reduced taxes on petrol and diesel by Rs 2.23 and Rs 1.36 per liter, respectively.

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

Mumbai: Price of petrol: Rs 111.35 per liter, price of diesel: 97.28 per liter

Delhi: Petrol price: Rs 96.72 per liter, diesel price: Rs 89.62 per liter

Chennai: Price of petrol: Rs 102.63 per liter, price of diesel: Rs 94.24 per liter

Kolkata: Price of petrol: Rs 106.03 per liter, price of diesel: Rs 92.76 per liter

Bangalore: Petrol: Rs 101.94 per liter, diesel: Rs 87.89 per liter

Lucknow: Petrol: Rs 96.57 per liter, Diesel: Rs 89.76 per liter

Noida: Petrol: Rs 96.79 per liter, diesel: Rs 89.96 per liter

Gurugram: Petrol: Rs 97.18 per liter, diesel: Rs 90.05 per liter

Chandigarh: Petrol: Rs 96.20 per liter, Diesel: Rs 84.26 per liter

Crude oil prices

Oil prices rose in early trade on Monday, supported by US energy demand, tight supply and a slightly weaker US dollar market, as Shanghai prepares to reopen after a two-month lockdown amid concerns about a sharp slowdown in growth. Brent crude futures rose 82 cents to 11 113.37 a barrel, while US West Texas Intermediate (WTI) crude futures rose 69 cents, or 0.6%, to 110 110.97 a barrel, adding small gains last week to both deals.

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