Petrol, Diesel Prices Today, 17th May 2023: Prices steady in most cities. Check latest prices here

Oil marketing companies have kept the fuel rates unchanged for the third day this week. Prices across major metropolitan cities New Delhi, Kolkata, Mumbai, and Chennai have been steady over the last eleven months with minor fluctuations here and there. 

The petrol and diesel prices vary from state to state as the final price depends on various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. 

Petrol, diesel prices in major cities

Cities	Petrol rate on May 17	Diesel rate on May 17
Bengaluru	Petrol rate: Rs 101.94 per litre	Diesel rate: Rs 87.89 per litre
Chandigarh	Petrol rate: Rs 96.20 per litre	Diesel rate: Rs 84.26 per litre
Chennai	Petrol rate: Rs 102.73 per litre	Diesel rate: Rs 94.33 per litre
Gurugram	Petrol rate: Rs 97.04 per litre	Diesel rate: Rs 89.91 per litre
Kolkata	Petrol rate: Rs 106.03 per litre	Diesel rate: Rs 92.76 per litre
Lucknow	Petrol rate: Rs 96.57 per litre	Diesel rate: Rs 89.76 per litre
Mumbai	Petrol rate: Rs 106.31 per litre	Diesel rate: Rs 94.27 per litre
Delhi	Petrol rate: Rs 96.72 per litre	Diesel rate: Rs 89.62 per litre
Noida	Petrol rate: Rs 96.65 per litre	Diesel rate: Rs 89.82 per litre

Public sector oil marketing companies in India, such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL), revise their prices daily in line with international benchmark prices and forex rates. 

In May 2022, Finance Minister Nirmala Sitharaman had slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. This was the last country-wide revision in fuel rates. Since then, some states have cut down VAT on fuel prices, while some have imposed additional cess on petrol and diesel. 

Hardeep Singh Puri, minister of petroleum and natural gas, had asked OMCs to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down. 

Both Punjab and Kerala governments have decided to impose a cess on petrol and diesel. While Punjab has imposed a 90 paisa cess on petrol and diesel, the Kerala government has introduced a social security cess of Rs 2 per litre. 

International prices 

On Wednesday, international oil prices saw a drop after a surprise rise in US crude inventories stoked demand concerns on the heels of weaker-than-expected economic data from the US and China. 

According to a report in Reuters, Brent crude futures was 29 cents lower, or down by 0.4 per cent, to $74.60 a barrel. US West Texas Intermediate crude edged down by 32 cents to $70.55, as of 0005 GMT. US crude stockpiles rose by about 3.6 million barrels in the week ended May 12, according to market sources citing American Petroleum Institute figures. 

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