The petrol and diesel rates in India remained unchanged on Wednesday, continuing the ten-month long price stability trend. Oil Marketing Companies (OMCs) revise the fuel prices based on the most recent market trends every morning at 6 am. The fuel prices are not controlled by the government. The OMCs need to adjust their prices. The Centre regulates fuel prices through excise duty, base prices and cap prices.
The most recent nationwide adjustment was made in May 2022 by Finance Minister Nirmala Sitharaman, who slashed the excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre, respectively.
