Ratings agency ICRA says marketing margins on retail sales of petrol and diesel for the Indian oil marketing companies have improved in the recent weeks with reduction in crude prices
Petrol Price in India on 12 January 2024: Check Latest Petrol Rates in India with State and City wise Petrol Price List on The Indian Express. Also, Get Latest News Updates on daily Petrol Price Hike and Drop across all states and metro cities of India.
Diesel prices in Maharashtra have increased by 97 paise, while petrol prices have increased by Rs 1. Currently, diesel costs 59 paise and petrol costs 60 paise more in Chhattisgarh. Check city-wise list here.
Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further US interest rate hikes could dent demand.
The last country-wide revision was done on May 21, 2022, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.
The fuel prices are calculated after adding on a number of levies and therefore, they differ from state to state. These levies are Value Added Tax (VAT), freight charges, local taxes, etc.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have temporarily abandoned the daily price revision of petrol, diesel since last year. The last country-wide revision was done on May 21, 2022.