Sep 17, 2023 09:11 AM IST
The central government exercises control over fuel prices through excise duty. It also regulates fuel rates through base prices and cap prices.
Petrol and diesel prices remained unchanged on Sunday. The fuel rates are revised daily at 6 am.
As per the latest fuel rates announced by the oil marketing companies, petrol was being sold in Delhi at ₹96.72 per litre while the price of diesel stood at ₹89.62 per litre. In India’s financial capital Mumbai, the cost of petrol and diesel stood at ₹106.31 per litre and ₹94.27 per litre respectively.
Here are the petrol and diesel prices of other major cities on September 17, 2023.
|CITY||PETROL PRICE (Rs/LITRE)||DIESEL PRICE (Rs/LITRE)|
Petrol and diesel prices are revised daily at 6 am. The oil marketing companies decide the fuel prices as per global rates. Earlier, the fuel rates were revised every 15 days. Since 2017, the rates are revised daily.
The central government exercises control over fuel prices through excise duty. Besides the taxes, the Centre also regulates the fuel prices through base prices and cap prices at which dealers and OMCs deal with each other.
The fuel prices in India are not under goods and service tax. While the Centre collects excise duty, the state governments collect VAT. Since VAT is different for each state, hence the pricing.
On the other hand, the price of diesel in India is determined on various factors like crude oil cost, tax rares, exchange rates, logistics and others.
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