May 27, 2023 12:50 PM IST
Across major cities, fuel prices have been largely steady since May 21 last year, when the previous pan-India revision was done.
A marginal fluctuation in the fuel price in several cities has been recorded on Saturday, a continual trend observed in the last couple of weeks. However according to Goodreturns, the oil marketing companies (OMCs) kept fuel rates largely unchanged.
Apart from a few cities, customers have to continue to pay the same amount as yesterday. Petrol and diesel prices have been largely steady since May 21 last year, when the previous pan-India revision to fuel prices was done.
Therefore on Tuesday, customers in Delhi must continue to pay ₹96.72 for a litre of petrol and ₹89.62 for an equal quantity of diesel while people in Mumbai must pay ₹106.31 and ₹94.27 respectively. Here are the rates, meanwhile, for other major cities:
How do OMCs determine fuel prices?
OMCs such as Indian Oil, Bharat Petroleum and Hindustan Petroleum review and determine petrol and diesel prices on a daily basis. These are determined in accordance with the price of crude oil throughout the world.
Why fuel prices vary across states?
The rates for each day, whether new or unchanged, are announced at 6 am on the day . These, however, vary from state-to-state; this is due to criteria such as Value Added Tax (VAT), freight charges, local taxes etc.
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