Petrol and Diesel Price Today, 12 June: Fuel rates revised in some cities; check cost per litre

Petrol and Diesel Price Today: On Monday, 12 June, petrol and diesel prices remained unchanged in New Delhi, Kolkata, Mumbai, and Chennai. Over the past twelve months, petrol and diesel rates have remained stable. However, prices may vary daily within individual cities. The prices of petrol and diesel differ from state to state due to factors like Value Added Tax (VAT), freight charges, and local taxes.

The last nationwide change in fuel rates occurred on 21 May last year when Finance Minister Nirmala Sitharaman reduced excise duty by Rs 8 per litre on petrol and Rs 6 per litre on diesel. Since the central government's excise duty cut in May 2022, some states have also reduced VAT on fuels, while others have imposed cess on petrol and diesel.

On Sunday, the Punjab government raised the Value Added Tax (VAT) on petrol and diesel prices. The Aam Aadmi Party (AAP) government increased petrol prices by 92 paise and diesel prices by 88 paise for retail customers. As a result, petrol in Chandigarh will now cost Rs 98.65 per litre, while diesel will be priced at Rs 88.95 per litre.

Currently, in Delhi, petrol is priced at Rs 96.72 per litre, and diesel is sold at Rs 89.62 per litre. In Mumbai, petrol is priced higher at Rs 106.31 per litre, with diesel following suit at Rs 94.27 per litre. Kolkata sees petrol priced at Rs 106.31 per litre and diesel at Rs 92.76 per litre. In Chennai, petrol is available at Rs 102.63 per litre, while diesel can be obtained at Rs 94.24 per litre.

Let us take a look at fuel prices in some other parts of the country:

Bengaluru

Petrol Price: Rs 101.94
Diesel Price: Rs 87.89

Noida

Petrol Price: Rs 96.77
Diesel Price: Rs 89.94

Gurugram

Petrol Price: Rs 96.93
Diesel Price: Rs 89.80

Lucknow    

Petrol Price: Rs 96.57
Diesel Price: Rs 89.76

Jaipur

Petrol Price: Rs 108.08
Diesel Price: Rs 93.36

Patna

Petrol Price: Rs 108.12
Diesel Price: Rs 94.86

Who regulates the fuel price?

Oil Marketing Companies (OMCs) like Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise petrol and diesel prices daily based on international benchmark prices and forex rates. Petroleum Minister Hardeep Singh Puri recently stated that OMCs will consider reducing petrol and diesel prices if international crude costs remain stable and these companies have a good next quarter.

When are the prices released?

The prices of petrol and diesel are issued daily at 6 am on the basis of the price of crude oil. This includes dealer commission, central and state government taxes and transportation costs. You can easily know the price of petrol and diesel through SMS. For this, you have to SMS RSP dealer code to 92249 92249.

Crude oil price dipped slightly

On Monday, crude oil prices saw a slight decline ahead of a Federal Reserve meeting as investors assessed the central bank's stance on further rate hikes. Concerns about China's fuel demand growth and increasing Russian crude supply also weighed on the market. Brent crude futures fell by 29 cents, or 0.4%, to $74.50 per barrel, while U.S. West Texas Intermediate (WTI) crude stood at $69.93 per barrel, down 24 cents, or 0.3%.