Unbelievable Fuel Price Drop! Discover Today’s Petrol and Diesel Rates Post Excise Cut in Delhi, Mumbai, Bengaluru, and More!
The Indian government has made a significant move to alleviate some financial pressure on consumers by reducing excise duties on fuel. In recent updates, the Centre announced a cut in petrol excise duty from ₹13 to ₹3 per litre and eliminated the excise tax on diesel, which previously stood at ₹10. Despite this reduction, fuel pump prices for both petrol and diesel remain unchanged.
This strategic decision comes amid heightened volatility in the oil market, largely attributed to ongoing conflicts in the Middle East that have affected the Strait of Hormuz, a critical chokepoint for oil shipments. By implementing these changes, the government aims to assist Oil Marketing Companies (OMCs) in mitigating their under recoveries — the shortfall they experience due to fluctuating global oil prices.
Just one day before the government’s announcement, Nayara Energy, a prominent private fuel retailer in India, had raised prices of petrol and diesel by ₹5 and ₹3 per litre, respectively. This increase was enacted to compensate for the surge in international oil prices. The Indo-Russian venture operates nearly 6,967 of India’s total 102,075 petrol stations and now finds itself passing on a portion of escalating procurement costs to consumers. As a result, petrol prices in some regions have spiked by as much as ₹5.30 per litre, influenced by local state levies like VAT.
While Nayara Energy adjusts its prices, Jio-bp, the joint venture between Reliance Industries and BP Plc managing 2,185 locations, has opted to maintain its existing pricing amid the current turmoil. Despite the fluctuations, state-controlled retailers — which dominate approximately 90% of the market — have kept their prices static since April 2022, absorbing mounting losses while facing increasing deficits.
In a related development, last week, state-run giants Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) raised bulk diesel prices for industrial clients by approximately ₹22 per litre and premium-grade petrol by ₹2, as reported by PTI. This reflects the pressures OMCs are facing amidst the ongoing price recalibrations.
Against this backdrop, the Indian rupee has also experienced turbulence, hitting a record low of 94.1575 per dollar. Since the onset of the conflict in West Asia on February 28, the currency has depreciated by 3.5%. The combination of rising US Treasury yields and Brent crude prices maintaining above $100 a barrel has exacerbated the situation.
In summary, while the government’s fuel excise cuts aim to relieve some financial burdens for consumers, the reality remains that local prices are still subject to various state policies and global market trends. The ongoing volatility in both the oil market and currency exchange rates continues to cast uncertainty over fuel pricing in India, leaving consumers and retailers alike watching closely for future developments.
Original Source: https://www.livemint.com/news/india/petrol-diesel-prices-on-27-march-after-fuel-excise-cut-check-fuel-rates-today-in-delhi-mumbai-bengaluru-others-11774575662790.html
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Publish Date: 2026-03-27 08:33:00
