Oil marketing companies (OMCs) kept petrol and diesel prices constant across most of the cities today. According to the rate chart, petrol price in Delhi today is at Rs 75.55 per litre. In Chennai and Kolkata, petrol prices are Rs. 78.40 per litre and Rs. 78.23 per litre respectively. Petrol prices were same in these metro cities on Sunday too. However, petrol prices are reduced in Mumbai today by 5 paise and stands at Rs. 82.94 per litre. Diesel prices also remained unchanged today, as mentioned on Indian Oil Corporation (IOC)'s website and its app, Fuel@IOC.
Diesel prices today stand at Rs. 67.38 per litre in Delhi. Diesel price in Mumbai is Rs. 71.49 per litre. Diesel price in Kolkata is Rs. 69.93 per litre. In Chennai, it is Rs. 71.12 per litre. The new listed rates are applicable from 6:00 am on July 2, 2018. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am every day.
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Petrol prices in metro cities on July 2, 2018
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| Delhi | 75.55 |
| Kolkata | 78.23 |
| Mumbai | 82.94 |
| Chennai | 78.40 |
Diesel prices in metro cities on July 2, 2018
| Delhi | 67.38 |
| Kolkata | 69.93 |
| Mumbai | 71.49 |
| Chennai | 71.12 |
Petrol rates in other states are constant as well. Petrol prices in Delhi are the lowest among all metro cities due to lower sales tax or VAT.
Fuel prices in the country are largely determined by oil marketing companies according to global crude oil rates and the rupee-dollar exchange rate.
During the previous UPA regime, diesel prices hit a peak on May 13, 2014, when rates touched Rs. 56.71 a litre, a Press Trust of India (PTI) report said. The government had deregulated or freed petrol pricing from its control in June 2010 and diesel in October 2014. It allowed revision of prices on a daily basis since mid-June last year to reflect changes in cost instantly.
The central government had raised excise duty on petrol by Rs. 11.77 a litre and that on diesel by Rs. 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs. 2 a litre.
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