The petrol and diesel rates remained steady on 25 November 2022, (Friday), the prices for petrol and diesel have not fluctuated for over four months. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) update petrol and diesel rates daily at 6 AM, in line with international benchmark prices and forex rates.
The last country-wide change in fuel prices came on 21 May 2022, when FM Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since the central government excise duty cut, some states have also reduced VAT rates on auto fuels.
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Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram:Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litreBengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litreLucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litreNoida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litreGurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litreChandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litreMumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litreDelhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litreChennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre
India’s state-owned Oil Marketing Companies have lost an estimated $6.5 billion-$7 billion on petrol and diesel sales due to a virtual freeze in retail prices between November 2021 and August 2022 and their earnings may remain weak this year as they are yet to be compensated for these losses, according to Moody’s Investors Service. Indian Oil Corporation on October 29 reported a net loss of Rs 272.35 crores in the July-September quarter, marking the second consecutive loss in earnings.
