The petrol and diesel prices in India remained stagnant on Saturday, continuing a ten-month trend of cost stability. The fuel prices were last modified in May 2022 after Union Finance Minister Nirmala Sitharaman announced to slash the excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre, respectively.
In India, petrol prices are revised daily at 6am by the Oil Marketing Companies (OMCs) like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on the international prices.
Previously, fuel prices used to be revised every 15 days. In 2014, the government deregulated the prices and from 2017, the cost of fuel is updated every day. The government controls the fuel prices through excise duty, base prices and cap prices at which dealers and OMCs deal with each other.
