Fuel prices Today: Petrol price sharply hiked by 25 paise, diesel by 30 paise
Business | May 06, 2021 11:38 ISTWith Thursday's increase, petrol is now being retailed at Rs 90.99 a litre and diesel Rs 81.42 a litre in the national capital.
With Thursday's increase, petrol is now being retailed at Rs 90.99 a litre and diesel Rs 81.42 a litre in the national capital.
Despite the concerns about rising COVID-19 cases in India denting demand, crude oil prices in the international market have risen primarily on account of strong US demand recovery and a weak dollar.
The pumps price of petrol and diesel remained at Thursday's level of Rs 90.40 a litre and Rs 80.73 a litre respectively in Delhi.
Petrol is now being retailed at Rs 90.40 a litre in Delhi, down from previous day's level of Rs 90.56 a litre
Prices of Petrol and Diesel remain unchanged for the thirteenth consecutive day. The price of petrol and diesel has been the same across major cities since prices fell on March 30, 2021. Nation Capital Delhi was quoting a petrol price of Rs 90.56 per litre, diesel in the city was priced at Rs 80.87 per litre.
Since the start of January fuel prices were rising in India amid high rates of crude oil in the international market. However, fuel rates have steadied in India since March-end, giving a much-needed breather to the pandemic-hit middle class in the country.
Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
Across the country as well the petrol and diesel prices fell with the quantum varying depending on the level of local levies in respective states.
Petrol price was cut to Rs 90.99 a litre in Delhi from Rs 91.17 per litre, according to a price notification of state-owned fuel retailers. Diesel now comes for Rs 81.30 a litre in the national capital, down from Rs 81.47 previously.
Sitharaman, who had increased central excise duty on petrol and diesel by a record margin last year to mop up gains arising from international oil prices plunging to a two-decade low, remained non-committal on taking the first step to cut central taxes to give relief to consumers.
Analysts say that the government has room to cut excise duty on petrol and diesel by up to Rs 8.5 per litre without impacting its target for revenue from the tax on the two fuels.
"It will be a good move, but the decision rests with the GST Council," Subramanian said during a recent interaction with FICCI FLO members.
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The petrol and diesel prices have increased 25 times in 2021 with the two auto fuels increasing by over Rs 7 each per litre.
Congress will raise the issue of increased prices of petrol and diesel in the upcoming Parliament session, said Congress leader Mallikarjun Kharge on Feb 22.
The petrol and diesel prices have increased 24 times in 2021 with the two auto fuels increasing by Rs 6.87 and Rs 7.10 per litre, respectively, so far this year.
The West Bengal government on Sunday announced a reduction of tax by Re 1 per litre on petrol and diesel. The decision, announced by state finance minister Amit Mitra, will be effective from midnight.
As petrol price in some cities in India crosses Rs 100 per litre, Finance Minister Nirmala Sitharaman on Saturday while responding to rising fuel prices in the country said it is an issue in which no answer except for fall in fuel price will convince anyone.
In the last 12 days, the petrol price has gone up by Rs 3.64 per litre while diesel rate has risen by Rs 4.18 a litre in the national capital region.
In Madhya Pradesh' Anuppur district, petrol crossed ₹ 100 per litre reaching Rs. 100.25 per litre on Thursday after Rajasthan's Sriganganagar. Diesel price also stood at Rs. 90.35 per litre in the region.
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