Petrol, diesel price today (March 28): Did excise duty cut bring relief? Check latest city-wise prices in Delhi, Mumbai, and more

Petrol and Diesel prices today, across India have been stable on Saturday, March 28, despite a significant federal intervention to slash excise duties by ₹10 per litre. In an official statement issued by the Ministry of Petroleum and Natural Gas, the government confirmed that the fiscal relief would not translate into lower prices at the pump but would instead be utilized to bridge the widening "under-recovery" gap for state-run oil marketing companies. With international Brent crude soaring from $70 to nearly $122 per barrel due to the naval blockade of the Strait of Hormuz, the Centre has opted to absorb the financial shock to prevent the 30-50% price surges currently being witnessed in neighboring Southeast Asian and North American markets.

Petrol, Diesel Price today (March 28)

Oil marketing companies (OMCs) continue to revise fuel prices every day at 6 AM. However, the rates in major metropolitan areas have been the same, even after the government's announcement of excise duty cut on fuel.

City	Petrol (₹/litre)	Diesel (₹/litre)
Delhi	94.77	87.67
Mumbai	103.54	90.03
Kolkata	105.45	92.02
Chennai	100.84	92.39
Noida	95.31	88.47
Ghaziabad	96.05	89.17
Gurugram	95.51	88.03
Patna	105.71	91.49
Bengaluru	102.96	90.99
Hyderabad	107.46	95.70
Jaipur	104.72	90.21
Lucknow	95.34	88.50
Chandigarh	94.30	82.45
Bhopal	106.52	91.89
Ahmedabad	94.49	90.16

Petrol, Diesel Price Excise Duty

The Union Ministry of Petroleum and Natural Gas has clarified that the ₹10 excise duty reduction is specifically designed to "directly reduce the under-recoveries being absorbed" by public sector OMCs like IOCL, BPCL, and HPCL. Currently, these companies are selling fuels significantly below cost, with losses estimated at ₹26 per litre on petrol and ₹81.90 per litre on diesel. Petroleum Minister Hardeep Singh Puri stated that the government decided to take a hit on state finances to safeguard the Indian citizen from a drastic price hike that would otherwise be necessary to track global market trends. Additionally, a new export levy has been imposed on diesel to prioritize local availability and discourage companies from selling stock abroad during the current global supply disruption.