Petrol, Diesel Price Today: Fuel prices remained unchanged on Friday, November 5 across the country, a day after the government had slashed excise duty on petrol and diesel to bring their rates slightly down from record high levels.
Government had announced excise duty cut on petrol and diesel prices on Diwali eve by Rs 5 and Rs 10 respectively.
In the national capital, petrol is being sold for Rs 103.97, while diesel rate is Rs 86.67, according to Indian Oil Corporation. In Mumbai, petrol is selling at Rs 109.98 per litre while diesel is being sold at Rs 94.14 per litre.
Despite the reduction in prices, petrol and diesel rates are still above the Rs 100 per litre mark across the country, while among the four metros, they are the costliest in Mumbai.
The move to cut excise duty on fuel prices is likely to cost the government Rs 1.4 lakh crore annually.
Also Read: Petrol, Diesel Prices Cut Before Diwali, Government Reduces Excise Duty
Fuel rates vary across the states due to value-added tax or VAT. Following the Centre’s decision to cut excise duty, several states, especially those ruled by the BJP, had announced reduction in VAT on fuel prices.
Here Are The Petrol And Diesel Prices Across Metro Cities:
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.