The new prices for petrol and diesel have been updated by government oil marketing petroleum companies. The cost of crude oil has increased recently. Despite this, even on the 343rd day, there has been no change in the cost of petrol and diesel. At the same time, Bloomberg Energy has updated its crude oil rates. Brent crude’s June futures price is $78.39 per barrel. WTI’s June futures are currently trading at $74.73 per barrel.

On Saturday, April 29^th, the cost of petrol and diesel remained the same in New Delhi, Kolkata, Mumbai, and Bengaluru. Over the past ten months, prices for both petrol and diesel have remained constant. Individual cities, however, experience daily price fluctuations. State-by-state variations in the cost of gasoline and diesel can be attributed to factors like Value Added Tax (VAT), freight costs, local taxes, etc.

On May 21 of last year, Finance Minister Nirmala Sitharaman reduced the excise duty on petrol by  ₹ 8 per litre and on diesel by  ₹ 6 per litre, resulting in the last nationwide adjustment to fuel prices. Since the central government reduced excise duty in May 2022, some states have also lowered the VAT on fuels, while others have imposed cess on diesel and petrol.

At a state cabinet meeting, the Punjab government decided to impose a 90 Paisa per litre tax on petrol and diesel. In the second full budget of the LDF administration, Kerala’s Finance Minister KN Balagopal also disclosed a cess on petrol, diesel, and alcoholic beverages. On petrol and diesel, a cess levy of  ₹ 2 per litre will be applied.