On Monday, December 6, the price of gasoline and diesel remained steady. The Delhi government decreased the value-added tax (VAT) on gasoline from 30% to 19.40% last week. From December 2, the national capital’s petrol prices will be reduced by 8.56 pence per litre.
In Delhi, a litre of petrol now costs 95.41 rupees, while diesel prices remained steady at 86.67 rupees. Other cities’ fuel prices have stayed steady since the Centre slashed excise duty on petrol and diesel by 5 and 10 per litre, respectively, on November 4.
Petrol is now priced at 109.98 a litre in Mumbai, while diesel is priced at 94.14 per litre. Mumbai has the highest fuel prices among metro cities. Because of the VAT, the rates differ per state.
Here are the petrol and diesel price across the metro cities:
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 95.41 | 86.67 |
| Mumbai | 109.98 | 94.14 |
| Chennai | 101.40 | 91.43 |
| Kolkata | 104.67 | 89.79 |
| Source: Indian Oil | ||
State-run oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust fuel prices on a daily basis, taking into account international crude oil prices and rupee-dollar exchange rates. Every day at 6 a.m., any adjustments in gasoline and diesel prices take effect.
Oil prices surged by more than $1 a barrel throughout the world after leading exporter Saudi Arabia raised rates for crude exported to Asia and the United States, and as indirect US-Iran discussions on renewing a nuclear deal looked to reach a stalemate. Brent crude prices for February rose $1.69, or 2.4 percent, to $71.57 a barrel, while West Texas Intermediate crude futures for January rose $1.66, or 2.5 percent, to $67.92 a barrel.
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