Petrol, Diesel Price: Petrol Price in Mumbai Cut by Rs 5, Diesel Cheaper by Rs 3; Know Rates

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Petrol Price, Diesel Price Today, July 16, 2022: With the latest rate cut, petrol price would be reduced to Rs 106.31 per litre in Maharashtra

Petrol, Diesel Price Today: Petrol price in Mumbai was standing at Rs 106.31 on Saturday, July 16, as the Maharashtra government earlier this week slashed the prices of the auto fuel by Rs 5 per litre. The new rates have become effective from a day earlier, after the new government led by chief minister Eknath Shinde announced the fuel rate cut of Rs 5 on petrol and Rs 3 on diesel. The move to cut fuel VAT (value added tax) on these auto fuels would lead to a financial burden of Rs 6,000 crore on the state, Shinde had said.

The prices of petrol and diesel however remained the same across other parts of the country. They were last revised on May 21, when finance minister Nirmala Sitharaman had announced an excise duty cut on petrol and diesel. Several other states at the time had announced that a cut in the VAT earned from fuel prices was implemented following the excise duty cut.

Petrol price in Delhi on the day stood at Rs 96.72 per litre, while diesel was being sold at Rs 89.62 per litre in the national capital. Diesel price in Mumbai was slashed by Rs 3 to retail at Rs 94.27 per litre on Saturday. On the other hand, petrol price in Kolkata today was standing at Rs 106.03, while diesel price in the city stood at Rs 92.76 per litre. Elsewhere in the country, petrol was retailing at Rs 102.63 per litre while diesel was priced at Rs 94.24 per litre.

Fuel prices in India depend on international crude oil prices, rupee-dollar exchange rate. On top of this, the central government and states levy various taxes including excise duty and Value Added Tax (VAT) on petrol and diesel. The commission taken by the dealer and freight charges are also included in the fuel price.

In the global market, oil prices rose 2.5 per cent on Friday after a U.S. official told Reuters that an immediate Saudi oil output boost was not expected. Brent crude futures settled at $101.16 a barrel, rising $2.06, or 2.1 per cent, while West Texas Intermediate crude settled at $97.59 a barrel, gaining $1.81, or 1.9 per cent. Both benchmarks saw their biggest weekly percentage drops in about a month, largely on fears earlier in the week that a nearing recession would chop away at demand, as per a report by Reuters.

Check Fuel Rates in Delhi, Mumbai, Chennai, Kolkata and Other Major Cities in India on Saturday, July 16, 2022:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 106.31 per litre

Diesel: Rs 94.27 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre