Petrol, Diesel Prices Drop in Delhi, Mumbai, Other Cities After Tax Cut; See Fuel Price Today

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Petrol Price today, May 28: Petrol price in Delhi today was retailing at Rs 96.72 per litre, while in Mumbai the price was Rs 111.35 per litre.

Petrol, Diesel Price Today: The Centre last week jumped in to slash the prices of petrol and diesel, and ever since, petrol price and diesel price have dropped across the country. On Saturday, May 27, the prices of petrol and diesel remained unchanged as oil marketing companies did not reduce or increase their rates during the daily update at 6 am. The prices of petrol and diesel saw a sharp reduction last week when finance minister Nirmala Sitharaman announced that the central government under the leadership of Prime Minister Narendra Modi had decided to slash the excise duty on petrol and diesel given their exorbitant prices.

Petrol price in Delhi today is standing at Rs 96.72 per litre while that of diesel is at Rs 89.62. In Mumbai, petrol at the moment costs Rs 111.35, while diesel is priced at Rs 97.28, data available on Indian Oil Corporation’s website showed. On the other hand, petrol price in Kolkata was standing at Rs 106.03 per litre, and diesel price in the city was standing at Rs 92.76 per litre.

Last Saturday, that is on may 21, Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel. Following the government’s decision petrol price was cut by Rs 8.69 per litre while diesel was reduced by Rs 7.05 in the national capital. After this, several state governments including Uttar Pradesh, Kerala, Maharashtra and Rajasthan announced that the VAT on petrol and diesel in the states had been reduced. This was done at a time when the country is reeling under the pressure of rising inflation, which was at a months-high in April.

Petrol and diesel prices in the country differ from state to state depending on the prices of crude oil, local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.

Global crude oil prices rose on Friday, closing out the week with gains ahead of the U.S. Memorial Day holiday weekend, as per Reuters. Brent crude rose $2.03, or 1.7 per cent, to settle at $119.43. U.S. West Texas Intermediate (WTI) crude rose 98 cents, or 0.9 per cent, to settle at $115.07 a barrel. For the week, Brent rose 6 per cent while WTI gained 1.5 per cent.

Petrol, Diesel Prices on Saturday, May 28, in Delhi, Mumbai, Chennai, Kolkata and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre