Petrol price on August 24: Check rates in Delhi, Mumbai, Chennai, Kolkata and other cities

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Petrol and diesel prices eased by up to 16 paise each on August 24 across the country, state-run oil companies notified. After holding static for over a month, the auto fuel prices started softening last week.

With today’s revision in the prices, a litre of petrol in Delhi will cost between Rs 101.64 and Rs 101.49, while diesel is being retailed between Rs 89.07 and Rs 88.92.

In Mumbai, petrol and diesel are being retailed at Rs 107.52 and Rs 96.48 per litre. Currently, fuel prices are highest in Mumbai among all metro cities. In Kolkata, a litre of petrol and diesel will cost Rs 101.82 and Rs 91.98 respectively.

Fuel prices in top-10 cities

Tamil Nadu government to bear the loss of the tax revenue

Finance Minister Palanivel Thiagarajan (PTR) has announced that cess on petrol will be slashed by Rs 3 and it would help in bringing down the skyrocketing prices. Thiagarajan added that this was done as per the instructions of chief minister MK Stalin and this reduction in cess will cost the state treasury close to Rs 1,160 crore. Petrol prices have been hiked for 41 days in the current fiscal.

Fuel price above Rs 100 mark

Petrol prices have already crossed the Rs 100-mark in more than 20 states and union territories – Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu & Kashmir, Odisha, Manipur, Ladakh, Bihar, Punjab and others. Sri Ganganagar district of Rajasthan has the costliest petrol and diesel in the country with petrol selling at Rs 114.06 and diesel at 103.54 per litre.

Price changes due to these factors

In India, petrol and diesel prices depend on various factors like valuation of  Indian Rupee(INR) against US Dollar(USD), consumption ratio of refineries and demand for fuel. The fuel prices are revised by oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on international crude prices and foreign exchange rates. Petrol and diesel prices get revised in India every day at 6 am.

Prices differ due to differences in taxes

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.  Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.