Petrol and diesel rates today, July 7, 2022: Check fuel prices in your city

The last time the prices of the two fuels changed was in May, when Finance Minister Nirmala Sitharaman had announced a cut in the excise duty on petrol and diesel of 8 rupees and 6 rupees, respectively. Following this decision, petrol was decreased by Rs 8.69 per litre and diesel was brought down by Rs 7.05 per litre in the national capital on May 22.

The cost of freight and local taxes (VAT) affects the price of petrol and diesel differently in each state.  In addition, an excise tax on fuel is collected by the central government.

Last week, the Centre had imposed an export duty of Rs 6 per litre on petrol and ATF and Rs 13 per litre on diesel. The price of domestic crude oil output is now also subject to a charge of Rs 23,230 per tonne in order to offset producers’ windfall earnings from high oil prices abroad.

The price of petrol and diesel is usually updated by Oil Marketing Companies (OMCs) on a daily basis based on the benchmark fuel’s average price over the preceding 15 days in the global market and foreign exchange rates.

In the global market, oil prices regained a footing on Thursday from steep falls in the previous two sessions, as investors returned their focus to tight supplies even as fears persisted over the demand outlook amid risks of a global recession, news agency Reuters reported.

Brent crude futures rose 67 cents, or 0.7%, to $101.36 a barrel by 0402 GMT after tumbling more than $2 to a session low of $98.50 earlier. WTI crude futures climbed 59 cents, or 0.6%, to $99.12 a barrel, bouncing from an intraday low of $96.57, the report said.

Here are petrol and diesel rates in the key cities on Thursday, July 7, 2022: