On April 7, 2023, the Indian government made a significant announcement regarding fuel pricing, revealing a Rs 2 per litre increase in excise duties on both petrol and diesel. This adjustment, which takes effect on April 8, will see the excise duty on petrol rise from Rs 19.90 to Rs 21.90, while diesel will increase from Rs 15.80 to Rs 17.80 per litre, according to a release from the Department of Revenue.
Impact on Consumers
Despite the hike in excise duties, Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, reassured the public that this increase would not affect retail fuel prices for consumers. Puri emphasized that oil companies would absorb the additional costs, maintaining stable prices at the pump.
- "I want to make it clear that this will not be passed on to consumers," Puri stated.
- He noted that the recent decline in crude oil prices, which dropped to around $60 per barrel, allows for a buffer, as oil marketing companies manage their inventories over a 45-day period.
Current Fuel Prices in Major Cities
For those curious about the latest petrol prices in key metropolitan areas, here’s a quick snapshot:
- Mumbai: Rs 103.50 per litre
- New Delhi: Rs 94.77 per litre
- Chennai: Rs 100.80 per litre
- Bangalore: Rs 102.98 per litre
- Hyderabad: Rs 107.46 per litre
Latest Diesel Prices
Similarly, here are the current diesel prices across major cities:
- Mumbai: Rs 90.03 per litre
- New Delhi: Rs 87.67 per litre
- Chennai: Rs 92.39 per litre
- Bangalore: Rs 88.99 per litre
- Hyderabad: Rs 95.70 per litre
What Lies Ahead?
Experts remain optimistic that the oil marketing companies will adjust their prices in response to ongoing fluctuations in the global market. Given the deregulated nature of the sector, consumers may see prices stabilize in alignment with international trends.
For those interested in keeping track of fuel prices, it’s essential to stay updated on any further changes that may arise in the coming weeks.
