The petrol and diesel rates in India remained unchanged on Wednesday, continuing the ten-month long price stability trend. Oil Marketing Companies (OMCs) revise the fuel prices based on the most recent market trends every morning at 6 am. The fuel prices are not controlled by the government. The OMCs need to adjust their prices. The Centre regulates fuel prices through excise duty, base prices and cap prices.
The most recent nationwide adjustment was made in May 2022 by Finance Minister Nirmala Sitharaman, who slashed the excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre, respectively.
The price at which the petrol or diesel dealers or distributors buy from oil marketing companies+excise duty+dealer’s commission+ value added tax levied by the state government= Petrol price.
Previously, fuel prices were revised every 15 days. In 2014, Centre deregulated the price of petrol and diesel. As of 2017, the cost of fuel is updated every day.
Meanwhile, the centre recently changed the pricing formula of natural gas which resulted in the reduction of prices of CNG and cooking gas piped to household kitchens. CNG in the national capital territory of Delhi will now cost ₹73.59 per kg, down from ₹79.56, Indraprastha Gas Ltd (IGL) – the firm which retails CNG and piped cooking gas in the city, said in a Twitter post.
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