Petrol and diesel prices stand unaltered for 12 months in India
Understanding India's stable petrol and diesel rates amidst varied influencing factors
In the realm of petrol and diesel rates, India stands as a landscape where the figures have remained unaltered for close to 12 months. The most recent amendment to these rates was seen in May 2022. The variances in prices between states can be attributed to localised taxes, value-added tax (VAT), transportation costs, and other influencing factors.
The Goodreturns website, which in line with oil marketing companies releases price updates daily at 6am, has reported no observable modification in the prices of petrol and diesel across key cities; these include New Delhi, Kolkata, Mumbai, and Chennai.
Petrol and diesel pricing in India falls under the jurisdiction of the central government and is influenced by factors such as base prices, capped prices and the crucial excise duty. The collection of this duty is overseen directly by the central government, while each state is responsible for the administration of the Value Added Tax (VAT). Owing to the unique VAT rates applied by every state, the pricing of fuel may differ correspondingly.
