The prices of diesel, petrol, and LPG in Mumbai City (Maharashtra) remained unchanged on 15 August 2023. The price of diesel was Rs. 94.27 per litre, petrol was Rs. 106.31 per litre, and LPG was Rs. 1,102.50 per 14.2 kg cylinder.
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The prices of diesel, petrol, and LPG in Mumbai City (Maharashtra) remained unchanged on 15 August 2023. The price of diesel was Rs. 94.27 per litre, petrol was Rs. 106.31 per litre, and LPG was Rs. 1,102.50 per 14.2 kg cylinder.
The prices of fuel in Mumbai have been on the rise in recent months, due to the increase in global crude oil prices. However, the government has not raised the excise duty on fuel since November 2021, in order to provide relief to consumers.
The prices of diesel and petrol in Mumbai are the highest in the country. The price of diesel in Mumbai is higher than the price of petrol in many other cities. This is because Mumbai is a major port city and the cost of transportation of fuel to Mumbai is higher.
The high prices of fuel are a burden on the common man. They have also led to an increase in the cost of transportation and other essential commodities. The government has taken some steps to reduce the burden of rising fuel prices, such as providing subsidies to farmers and public transport operators. However, more needs to be done to make fuel affordable for the common man.
Petrol prices in India are revised daily based on the dynamic fuel price method
This method was introduced in June 2017, replacing the previous system of fortnightly price revisions. The new system is designed to more accurately reflect the changes in global crude oil prices.
Petrol and diesel prices are revised at 6:00 AM every day. This ensures that fuel prices are updated in real time, so that consumers are aware of the latest prices before they fill up their tanks.
The price of fuel is determined by a number of factors, including:
- The cost of crude oil: The price of crude oil is the biggest factor that affects the price of petrol and diesel. When the price of crude oil goes up, so does the price of petrol and diesel.
- The exchange rate between the Indian rupee and the US dollar: The exchange rate between the Indian rupee and the US dollar also affects the price of petrol and diesel. When the rupee weakens against the dollar, it becomes more expensive to import crude oil, which pushes up the price of petrol and diesel.
- Taxes: The government levies excise duty and value-added tax (VAT) on petrol and diesel. These taxes make up a significant portion of the final price of petrol and diesel.
- Dealer commission: Petrol retailers also charge a commission for selling petrol and diesel. This commission is usually around 2-3% of the final price.