Petrol and diesel prices on April 7. Check prices in your city

The cost of petrol and diesel in India remained stagnant on Friday, continuing a ten-month trend of price stability. Prices were last changed in May 2022 after the Centre slashed excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre, respectively.

Although the Centre had declared a cut in the excise duty on fuel prices last year, petrol prices continued to soar over ₹100 in major cities like Bengaluru and Mumbai. In India, petrol prices are revised daily at 6am by the Oil Marketing Companies (OMCs) like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on the international prices.

Previously, fuel prices used to be revised every 15 days. In 2014, the government deregulated the prices and from 2017, the cost of fuel is updated every day. The government controls the fuel prices through excise duty, base prices and cap prices at which dealers and OMCs deal with each other.

Apart from foreign exchange rates and international benchmark prices, the cost of fuel depends on a state’s taxation rules and freight charges. The fuel prices are not covered under goods and services tax (GST). While the Centre collects excise duty, the states collect VAT.

People can also know the daily fuel prices by sending an SMS to the number – 9224992249 in the format – RSP (space) Dealer code of fuel pump, as per Indian Oil’s official website.