New Delhi:- Gasoline and diesel prices stabilized on Friday 30 June in New Delhi, Kolkata, Mumbai, and Chennai. Gasoline and diesel prices have remained stable over the past 12 months. However, there are daily price fluctuations in each city. Gasoline and diesel prices vary from state to state depending on various criteria such as value-added tax (VAT), freight, and local taxes.

The latest change in fuel prices across the country was on 21 May last year, when Finance Minister Nirmala Sitharaman reduced excise duty on gasoline by 8 rupees per liter and diesel by 6 rupees per liter. Since the central government cut excise taxes in May 2022, some states have also cut fuel sales taxes, while others have introduced tax exemptions on gasoline and diesel.

Earlier this month, the Punjab government increased the value-added tax (VAT) on petrol and diesel prices. The Aam Aadmi Party (AAP) government has raised retail gasoline prices by 92 paise and diesel prices by 88 paise. As a result, petrol prices in the state are 98.65 rupees per liter, while diesel prices in Chandigarh are 88.95 rupees per liter. 

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Petrol in Delhi is currently priced at Rs 96.72 per liter and diesel at Rs 89.62 per liter. Gasoline prices are high in Mumbai at INR 106.31 per liter followed by Diesel at INR 94.27 per liter. On the other hand, the gasoline price in Kolkata is 106.31 rupees per liter and the diesel price is 92.76 rupees per liter. In Chennai, petrol can be purchased at Rs 102.63 per liter and diesel at Rs 94.24 per liter.  

Public sector oil marketing companies (OMCs), such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL), are selling petrol and diesel at international benchmark prices and foreign exchange rates.

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Gasoline and diesel price changes take effect daily at 6:00 am. Oil Minister Hardeep Singh Puri recently said, "If international oil prices stabilize and oil companies can maintain their good performance in the next quarter, oil companies could consider cutting gasoline and diesel prices." 

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The Petrol and Diesel prices have fluctuated and in some of the cities the prices have increased and in some of the cities the prices have dropped. This happened due to some of them have removed taxes on petrol and some of them have increased.