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Top 10 States With Cheapest Petrol, Diesel Prices In India: Check The List
Fuel prices in India are revised everyday at 6 am since 2017 and the method of revising fuel prices is known as dynamic fuel prices.
Fuel prices in India are revised everyday at 6 am since 2017 and the method of revising fuel prices is known as dynamic fuel prices. Because of this method, even the slightest changes in the world oil prices are shifted to fuel buyers and suppliers. The oil marketing companies have received nod of Indian Government to decide the retail cost of fuel on the basis of variations in global oil prices and currency exchange rate.
Before dynamic price method came into effect, fuel prices used to get revised every fortnight. India has a strong dependence of 85% on imports to fulfill its oil requirements.
1. Factors that cause an impact on fuel prices
There are several factors that unleash their impact on fuel prices that may include US Dollar exchange rate, global cues, fuel demand, etc. Amid the surging prices of international crude oil prices, fuel prices are rising in India too thus making it difficult for buyers. When you pay the final cost to purchase a litre of petrol/diesel, you also pay others costs that may include excise duty, value added tax (VAT), and dealer commission. After addition of VAT, dealer commission, and excise duty, there is a rise of almost 40% to 50% in the retail selling prices of fuel.
2. Recent slash in excise duty
Amid the surging fuel prices and inflation, the central government often takes initiative to control the prices by slashing excise duty. Earlier this year on May 21, 2022, government has introduced a cut in excise duty on petrol by Rs 8/litre and on diesel Rs 6/litre and the new rates became effective from May 22 onwards. It led to a fall in the retail selling prices of petrol and diesel.
3. Which state is offering cheapest fuel prices?
Fuel rates do not remain the same from state to state because of implementation of local taxation. Prices of fuel in India are directly linked to international rates. Check the table below to find which state is offering cheapest fuel in India:
Petrol Prices:
| States | Petrol Prices |
|---|---|
| Uttar Pradesh | 96.53/L |
| NCT of Delhi | 96.72/L |
| Uttarakhand | 95.28/L |
| Assam | 96.01/L |
| Gujarat | 96.31/L |
| Punjab | 96.50/L |
| Himachal Pradesh | 97.58/L |
| Haryana | 97.34/L |
| Jammu And Kashmir | 99.81/L |
| Jharkhand | 99.81/L |
Diesel Prices
| States | Diesel Prices |
|---|---|
| Himachal Pradesh | 83.36/L |
| Jammu And Kashmir | 85.15/L |
| Assam | 83.94/L |
| Karnataka | 87.49/L |
| Punjabt | 85.71/L |
| Uttar Pradesh | 89.71/L |
| NCT of Delhi | 89.62/L |
| Uttarakhand | 90.29/L |
| Gujarat | 92.06/L |
| Madhya Pradesh | 93.93/L |
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