Petrol, diesel prices on September 2
Petrol and diesel prices in India have maintained a consistent trend for over a year, with the most recent adjustment occurring in May 2022. While these prices can vary across different states, factors such as local taxes, value-added tax (VAT), freight charges, and other regional considerations contribute to these discrepancies.
As per the daily 6 am price update provided by oil marketing companies, major cities including New Delhi, Kolkata, Mumbai, and Chennai have experienced no alterations in the prices of petrol and diesel, as reported by the Goodreturns website.
The pricing of fuels in India is subject to regulation by the central government and is influenced by factors like excise duty, base prices, and cap prices. The collection of excise duty is managed by the central government, while the collection of Value Added Tax (VAT) falls under the jurisdiction of individual states. Owing to the application of distinct VAT rates by each state, fuel prices can diverge accordingly.