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‘You would have seen a notification…that the excise rates are going up by Rs 2 on petrol and diesel. Let me clarify upfront on the record, this will not be passed on to the consumer,’ says Union Minister for Petroleum and Natural Gas Hardeep Singh…Read More
Petrol, Diesel Prices On April 7.
Petrol, Diesel Prices Today: The central government on Monday hiked excise duty on petrol and diesel by Rs 2 per litre each to Rs 14 per litre and Rs 10 per litre, respectively. Will it increase the petrol and diesel prices for consumers? The government says, “No”.
“You would have seen a notification from the Ministry of Finance saying that the excise rates are going up by Rs 2 on petrol and diesel. Let me clarify upfront on the record, this will not be passed on to the consumer,” said Union Minister for Petroleum and Natural Gas Hardeep Singh Puri while addressing reporters after the decision.
The international price of crude came down to around $60 a barrel, but please remember that our oil marketing companies carry inventories over a 45-day period. If you go back to January, the crude price then was $83, which came down subsequently to $75. So, the crude inventory that they’re carrying is at $75 on average per barrel. You can legitimately expect prices of petrol and diesel to be moderated by the oil marketing companies in keeping with the global price. In a deregulated sector, you can expect them to accordingly adjust the market retail price, Puri added.
The ministry of petroleum and natural gas posted on X, “PSU Oil Marketing Companies have informed that there will be no increase in retail prices of Petrol and Diesel, subsequent to the increase effected in Excise Duty Rates today.”
The order states that the increased duty has been imposed by the Central government in public interest, under the ambit of section 5A of the Central Excise Act, 1944 and section 147 of the Finance Act, 2002.
In December 2024, the government removed the windfall profit tax on locally produced crude and fuel exports owing to falling global oil prices.
In India, fuel prices have remained steady since May 2022, after the central government and various state governments reduced fuel taxes.
Currently, in the national capital Delhi, the price of petrol currently stands at Rs 94.72 per litre and that of diesel at Rs 87.62 per litre. In Mumbai, petrol is being sold at Rs 104.21 and diesel is being sold at Rs 92.15.
However, in Bengaluru, diesel prices surged to Rs 91.02 per litre from April 1, which was Rs 89.02 earlier. This comes after the Karnataka government made an official announcement on Tuesday, saying that the prices across the state have increased by Rs 2 per litre, bringing the sale price to Rs 91.02. As per the new rates, Bengalureans will have to pay Rs 89.02 per litre, including tax.
Petrol Diesel Price Today In India
Check city-wise petrol and diesel prices on April 7:
| City | Petrol (₹/L) | Diesel (₹/L) |
|---|---|---|
| New Delhi | 94.72 | 87.62 |
| Mumbai | 104.21 | 92.15 |
| Kolkata | 103.94 | 90.76 |
| Chennai | 100.75 | 92.34 |
| Ahmedabad | 94.49 | 90.17 |
| Bengaluru | 102.92 | 89.02 |
| Hyderabad | 107.46 | 95.70 |
| Jaipur | 104.72 | 90.21 |
| Lucknow | 94.69 | 87.80 |
| Pune | 104.04 | 90.57 |
| Chandigarh | 94.30 | 82.45 |
| Indore | 106.48 | 91.88 |
| Patna | 105.58 | 93.80 |
| Surat | 95.00 | 89.00 |
| Nashik | 95.50 | 89.50 |
Oil marketing companies (OMCs) revise fuel prices daily at 6 a.m., based on global crude oil prices fluctuations. The government regulates these prices through mechanisms like excise taxes, base pricing, and price caps.
Crude Oil Price
Benchmark Brent crude is down by nearly 17% over the last five days of trading, with a barrel of oil costing just around $60. That’s down over 30% from a year ago, when a barrel cost over $90.
That cost per barrel is far lower than the estimated break-even price for Saudi Arabia and most other countries producing energy in the Middle East. That’s coupled with the new tariffs, which saw the Gulf Cooperation Council states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates hit with 10% tariffs. Other Mideast nations face higher tariffs, like Iraq at 39% and Syria at 41%.
