Petrol and Diesel Prices on July 27, 2022: Except for Maharashtra, where prices were revised on July 14, rates in the rest of the nation have been unchanged since May 21.
Also Read: Centre cuts excise duty on petrol, diesel; prices to drop by ₹9.5, ₹7 per litre
Maharashtra was the last state which saw any kind of revision in fuel prices. On July 14, chief minister Eknath Shinde announced that value added tax (VAT) on petrol and diesel was being reduced by ₹5 and ₹3 per litre respectively.
Also Read: Maharashtra to cut petrol prices by ₹5/ litre and diesel prices by ₹3/litre, says CM Shinde
Petrol and diesel prices in major cities on July 27 are as follows (source: Indian Oil Corporation):
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
In India, Oil Marketing Companies (OMCs) alter petrol and diesel rates on a daily basis. This is done depending on the average price of benchmark fuel over the preceding 15 days in the global markets, as well as foreign exchange rates.
Also, fuel prices vary from state to state. This is due to the local taxes (such as VAT) and freight charges. The Union government, too, adds its own excise duty.