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Petrol and Diesel Price Update – February 1, 2025: Relief on LPG Prices, But Fuel Prices Remain Stable

Petrol and Diesel Price Update – February 1, 2025: Relief on LPG Prices, But Fuel Prices Remain Stable

On February 1, 2025, as the country eagerly anticipates the presentation of the general budget by Finance Minister Nirmala Sitharaman, there has been some good news for consumers. Government-owned oil marketing companies have provided a significant relief by reducing the price of 19 kg LPG cylinders. However, the prices of petrol and diesel have remained unchanged, leaving consumers with mixed feelings of both relief and concern.

Current Petrol and Diesel Prices for February 1, 2025

As is customary, government oil marketing companies (OMCs) have released the updated fuel rates for today. According to the latest figures, there has been no alteration in petrol and diesel prices across the country. This unchanged status follows a similar trend observed since March 2024, where fuel prices have remained stagnant.

Excise Duty Reduction Expected in Budget 2025

There are growing speculations that the government might introduce a reduction in excise duty in the upcoming Budget 2025. Such a move could potentially lead to a decrease in petrol and diesel prices. If this comes to fruition, it would offer much-needed relief, particularly to those who rely heavily on daily commuting and transportation.

Petrol Prices Across Metro Cities

Here’s a quick look at the current petrol prices in major metro cities for February 1, 2025:

CityPetrol Price (₹/liter)
Kolkata105.01
Mumbai103.50
New Delhi94.76
Chennai100.80

Diesel Prices in Key Cities

Diesel prices in major cities remain as follows:

CityDiesel Price (₹/liter)
Chennai92.39
Mumbai92.13
New Delhi87.67
Kolkata91.82

Why Are Petrol and Diesel Prices High?

The prices of petrol and diesel are influenced by a variety of factors, including global crude oil prices, excise duties, VAT, and dealer commissions. These taxes and charges contribute significantly to the final price at the pump.

For example, the breakdown of petrol prices in New Delhi is as follows:

  • Base price: ₹ 55.46
  • Freight charges: ₹ 0.20
  • Excise duty: ₹ 19.90
  • Dealer commission: ₹ 3.77
  • VAT: ₹ 15.39

Thus, the total price of petrol in Delhi stands at ₹ 94.72 per liter, reflecting the impact of taxes and additional charges.

LPG Cylinder Prices See Reduction

In a positive move, oil marketing companies have reduced the price of 19 kg commercial LPG cylinders. However, there has been no change in the prices of domestic LPG cylinders, which remain the same.

Tax Relief Expected in Budget 2025

The upcoming budget is expected to bring relief to the middle class, with potential tax rebates. Economic experts predict that the government may introduce measures to further strengthen the vision of a developed India, which could positively impact various sectors, including the fuel industry.

Budget’s Potential Impact on Inflation

If the government proceeds with cutting excise duties on fuel, it is likely to result in a decrease in petrol and diesel prices. Such a move could help in controlling inflation, offering some financial relief to consumers across the nation.

As we await the final details of the Budget 2025, it remains to be seen how these changes will affect not only the prices of fuel but also the overall economic landscape in India.

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