Continuing an eight-month trend of price stability, the cost of petrol and diesel stayed unchanged on Thursday. 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 were revised every 15 days. In 2014, Centre deregulated the price of petrol and diesel. As of 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.
The price breakup of petrol is as follows: Price at which distributors buy from OMCs+excise duty+dealer’s commission+ value added tax levied by the state government= Petrol price.
