September 12th 2023.
Fuel prices in major cities have been consistent over the past year, with no changes reported on September 12th. However, prices of petrol and diesel differ from state to state due to factors such as Value Added Tax, freight charges, and local taxes. Public sector Oil Marketing Companies (OMCs) like Bharat Petroleum Corporation Ltd, Indian Oil Corporation Ltd., and Hindustan Petroleum Corporation Ltd. update their prices daily based on international benchmark prices and forex rates.
For example, in Delhi petrol and diesel are currently priced at Rs 96.72/litre and Rs 89.62/litre, respectively. The same fuels are being sold for Rs 106.31/litre and Rs 94.27/litre in Mumbai. In Chennai, petrol is selling for Rs 102.74/litre while diesel is being sold for Rs 94.33/litre. In Kolkata, petrol is priced at Rs 106.03/litre and diesel at Rs 92.76/litre.
The last nationwide price change took place on 21 May 2020, when the Finance Minister reduced excise duty on petrol and diesel by Rs 8/litre and Rs 6/litre respectively.
If you're looking for petrol and diesel prices in your city, you can simply message your city code to 9224992249. City codes can be found on the Indian Oil website.
On the global front, Brent crude futures slightly rose above the $90 per barrel mark on Tuesday. This was followed by a marginal decline of 6 cents in Brent contracts, settling at $90.58 per barrel, and a slight decrease of 2 cents in U.S. West Texas Intermediate crude futures, reaching $87.27.
The market reacted positively to NSE's announcement of the Nifty 50 index crossing the historic 20,000 mark. Investors will be looking forward to the upcoming macroeconomic data, which may provide further insights into the potential direction of interest rates in Europe and the United States.
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