Petrol, Diesel Prices Reduced By Up To 20 Paise

The state-owned oil marketing companies (OMCs) on Sunday marginally reduced fuel prices across India. As per the notification from the Indian Oil Corporation (IOC), petrol and diesel rates were lowered by up to 20 paise. Earlier this week, oil retailers reduced diesel prices on three consecutive occasions bringing down the price by 60 paise a litre. With new prices coming into effect, the country's national capital, Delhi saw a 20 paise drop in both petrol and diesel prices, standing at Rs. 101.64 per litre and Rs. 89.07 per litre, respectively.

Also Read: Diesel Rates Unchanged On Saturday After Three Consecutive Price Cuts​

In Chennai, petrol retails below Rs. 100-mark, currently priced at Rs. 99.32 a litre

Here are the petrol and diesel prices across six major metros on August 22, 2021:

In the country's financial capital Mumbai, petrol prices stood at Rs. 107.66 per litre after seeing a drop of 17 paise, while diesel rates fell 20 paise to Rs. 96.64 per litre. As for other metro cities, Chennai saw a drop of 15 paise in petrol rates, coming down to Rs. 99.32 a litre, while diesel prices fell 18 paise to Rs. 93.66 a litre.

The two auto fuels in Bengaluru now cost Rs. 105.13 per litre and Rs. 94.49 per litre for petrol and diesel respectively. Buyers in Kolkata will now have to pay Rs. 101.93 a litre for petrol and Rs. 92.13 a litre for diesel.

The fuel rates vary from state to state in the country due to the value-added tax or VAT.

Also Read: Explained: How Fuel Prices Are Calculated In India​

The fuel rates vary from state to state in the country due to the value-added tax or VAT. Rajasthan levies the highest VAT on fuel, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana. Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum are the three leading oil marketing companies. They revise domestic fuel prices with global benchmarks by taking into account alterations in the foreign exchange rates accordingly.