Meanwhile, the center recently altered the natural gas pricing formula, resulting in lower prices for CNG and culinary gas channeled into kitchens.
On Wednesday, petrol and diesel prices in India remained unchanged, continuing a ten-month trend of price stability. Oil Marketing Companies (OMCs) revise petroleum prices daily at 6 a.m. based on the most recent market trends. The government has no control over petroleum prices.
The OMCs’ prices must be adjusted. The federal government regulates fuel prices through excise taxes, base prices, and price caps.
In May 2022, Finance Minister Nirmala Sitharaman cut gasoline and diesel excise duty by 8 and 6 per litre.
|CITY||PETROL (Rs/LITRE)||DIESEL (Rs/LITRE)|
The price at which gasoline or diesel dealers or distributors purchase gasoline or diesel from oil marketing companies plus excise duty, dealer’s commission, and value-added tax levied by the state government equal the price of gasoline.
Petroleum prices adjusted every 15 days historically. Canada deregulated diesel and gasoline pricing in 2014.
In the meantime, the center recently altered the pricing formula for natural gas, resulting in lower prices for CNG and culinary gas channeled into residential kitchens. CNG in the national capital territory of Delhi will now cost 73.59 per kilogram, down from 79.56, according to a tweet by Indraprastha Gas Ltd (IGL), a company that retails CNG and piped culinary gas in the city.