Petrol Prices On July 23 2023: In Mumbai, the price of petrol is 106.31 per litre, while diesel costs 94.27 per litre.
The oil marketing companies announced the prices for petrol and diesel in India’s main cities on Sunday. According to the most recent data, petrol and diesel prices in significant cities remained unchanged.
The price of one litre of unleaded in the nation’s capital was 96.72, while diesel cost 89.62. In Mumbai, the financial capital of India, the prices of petrol and diesel were 106.31 and 94.40 per litre, respectively.
Here are the prices for petrol and diesel in additional main cities on July 23, 2023.
Petrol Prices On July 23 2023: Updated Prices In Major Cities
| CITY | PETROL PRICE (Rs/LITRE) | DIESEL PRICE (Rs/LITRE) |
|---|---|---|
| KOLKATA | 106.03 | 92.76 |
| CHENNAI | 102.63 | 94.33 |
| LUCKNOW | 96.57 | 89.81 |
| AHMEDABAD | 96.63 | 92.17 |
| BENGALURU | 101.94 | 87.89 |
The daily revision of fuel prices in India is known as the dynamic petrol pricing method. Historically, the federal government controlled prices, which were revised every 15 days. The government deregulated petroleum prices in 2014, and since 2017 the prices have been adjusted daily.
The rates are determined by Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation, under the supervision of the petroleum planning and analysis division of the Union petroleum and natural gas ministry.
The price of fuel is determined by oil companies based on global rates, exchange rates, tax structure, and other variables.
The state government imposes a value-added tax (VAT) on petrol prices. Since each state has a distinct VAT, prices vary accordingly.
Petrol Prices On July 23 2023: Seven factors affecting India’s petroleum prices
The rising cost of petrol and diesel has been a significant concern for the country’s citizens. Fuel prices in India are influenced by a number of factors. The following are a few of the most influential factors affecting the prices of fossil fuels in India.
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Price for petroleum oil
Crude oil or unrefined oil is an international market commodity. Changes in the cost of this commodity have a direct impact on the cost of fuels and diesel in our country. Prices fluctuate whenever there is a shift in the demand for and supply of crude oil. In addition, future reserves and supplies as well as international political relations have direct effects on the price of crude oil.
Cost levied to retailers
Oil Marketing Companies (OMCs) are in charge of acquiring and distributing crude oil. The price levied by OMCs to dealers is a significant factor in determining the price of fossil fuels. This price is also influenced by a number of other variables, such as freight fees, refining costs, etc.
Petrol Prices On July 23 2023: Expenses for merchants
The Oil Marketing Companies or OMCs pay petroleum dealers a commission. This commission covers the earnings, expenses, and profits of the petrol station proprietors. This is one of the factors that determine the price of petroleum.
Central excise duty
The federal government imposes an excise tax on petrol and diesel. It is important to remember that the central excise duty is a fixed amount of money and not a percentage. Thus, the duty is not proportional to the price of fuels. In recent years, the Indian government has dramatically increased excise taxes. The current duty on petrol is Rs. 32.98 per litre, while diesel duty is Rs. 31.83 per litre. This quantity remains unchanged regardless of whether the price of crude oil rises or falls.
Value-Added Tax (VAT) or Sales Tax
The respective state governments administer this levy. The VAT or sales tax is calculated after considering a number of other variables, such as the excise duty imposed by the centre, the commission of the merchants, etc.
Governmentally imposed taxes
The Indian government imposes a tariff on both petrol and diesel. On the basis of certain policies, the central government may alter the tax structure. This structure shift is primarily driven by the marginal returns from fossil fuels and the recovery of losses. On the basis of these duties, the price of the fuels also fluctuates.
Demand for petroleum
As the number of two-wheelers and four-wheelers on Indian roads has consistently increased, so has the demand for both petrol and diesel. As Indian oil refineries must procure crude oil from the international market in order to convert it into petrol and diesel, the supply cannot always be met. According to the principles of economics, when the supply is low and the demand is high, the price of both fuels will increase.
