Fuel prices on August 23: Check rates in Chennai, Bengaluru and Vijayawada

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Petrol prices remained stable on August 23, after yesterday’s cut by 15 to 20 paise per litre across South Indian cities, according to a price notification by state-run oil companies. The decline in prices came after maintaining stability for 35 consecutive days. While diesel prices also remained stable, after a reduction of 18 to 20 paise on August 22.

Without any change in the prices, petrol is being retailed at Rs 99.32 per litre in Chennai, while diesel prices were at Rs 93.66, according to the Indian Oil Corporation.

In Bengaluru a litre of petrol costs Rs 105.13 while diesel is retailed at Rs 94.49 per litre.

In Vijayawada, a litre of petrol and diesel was at Rs 107.49 and Rs 98.48, respectively. Currently, fuel prices are highest in Vijayawada among all south Indian cities.

Fuel prices in south Indian cities

Tamil Nadu government to bear the loss of the tax revenue

Tamil Nadu finance minister Palanivel Thiagarajan had cut the cess on petrol by Rs 3 and said it would help in bringing down the prices. Thiagarajan added that this was done as per the instructions of chief minister MK Stalin and this reduction will cost the state treasury close to Rs 1,160 crore. Petrol prices have been hiked for 41 days in the current fiscal. The price per litre of petrol has breached the Rs 100 mark in all metros across the country.

Price changes due to these factors

In India, petrol and diesel prices depend on various factors like valuation of  Indian rupee against US dollar, consumption ratio of refineries and demand for fuel. The fuel prices are revised by oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on international crude prices and foreign exchange rates. Petrol and diesel prices get revised in India every day at 6 am.