Oil companies themselves adjust the prices of petrol, diesel and cooking gas cylinders based on the crude oil price in the international market and the value of the Indian rupee against the dollar.
As a result of the central government’s drastic reduction in excise duty on petrol and diesel on May 21, the price of petrol has dropped by almost 9.50 rupees and the price of diesel by almost 7 rupees. After that there is no change in petrol and diesel prices.
Following this, on May 22, petrol decreased by Rs.8.22 paise to Rs.102.63 and diesel was sold by Rs.6.70 paise to Rs.94.24. Since then, petrol has been sold without any change for more than 117 days.
In Chennai today (September 23) for the 125th day, petrol is being sold at Rs.102.63 per liter and diesel at Rs.94.24 per liter without change.