According to Puri, oil companies acted as responsible corporate citizens by not burdening consumers with the rally in global energy prices in aftermath of Russia's invasion of Ukraine.
The drop in prices of petrol and diesel was expected as international crude oil prices dropped and have remained stable for some time.
The Rs 23,250 per tonne additional tax on crude oil produced domestically has been cut to Rs 17,000 per tonne.
Maharashtra fuel price cut: Shinde informed reporters after a cabinet meeting at Mantralaya that the decision would entail a burden of Rs 6,000 crore on the state exchequer.
Confederation of all India Traders said the fuel price cut will lead to reduction in prices of everyday items by at least 10 percent on average and similarly prices of other commodities should also come down because the transportation of raw materials will also be cheaper now.
Petrol price on Sunday was slashed by Rs 8.69 a litre and that of diesel by Rs 7.05 per litre following the govt's decision to cut excise duty on auto fuels, giving relief to consumers battered by high fuel prices that had pushed inflation to a record high
Petrol, diesel price news: Union finance minister Nirmala Sitharaman said the Centre will reduce the central excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre.
Participating a debate in Lok Sabha on the fuel price rise, Puri defended the Centre and said that price of petrol have been raised by Rs 9 over 12 or 13 days, whereas the international prices have shot up.
From April 1, commercial LPG cylinder becomes more expensive. The price of commercial liquefied petroleum gas (LPG) or cooking gas was increased by Rs 250 per 19-kilogram cylinder from Friday. After the revision, the price of 19-kg cylinder in the national capital stands at Rs 2,253 per unit. In Kolkata, a cylinder will cost Rs 2,351. In Mumbai and Chennai, it will carry a price tag of Rs 2,205 and 2,406, respectively.
Earlier on Tuesday, the central government had hiked the prices of petrol and diesel prices by 80 paise a litre each while domestic cooking gas LPG rates were increased by Rs 50 per cylinder.
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre each while domestic cooking gas LPG rates were increased by Rs 50 per cylinder.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said oil companies will determine the fuel prices and assured that there will be no shortage of crude oil in the country.
Apart from Delhi, CNG will be Re 1 per kg more expensive in Noida, Greater Noida, and Ghaziabad.
Presently, 10 per cent ethanol, extracted from sugarcane or surplus foodgrain, is blended or mixed in petrol (meaning 10 per cent of ethanol mixed with 90 per cent of petrol) with a view to cutting oil import dependence and provide farmers with an additional source of income.
Fuel prices have fallen in Delhi as it reduced the value added tax (VAT) on the fuel from 30 per cent to 19.40 percent on Wednesday.
Mamata Banerjee said that the Centre slashed excise duty recently on petrol and diesel with an eye on the upcoming Assembly elections in five states.
Chief Minister Charanjit Singh Channi made the announcement while addressing the media after the cabinet meeting. "We are reducing petrol rate by Rs 10 per litre and diesel rate by Rs 5 per litre from midnight," CM Channi said.
Petrol will cost Rs 103. 97 per litre in Delhi against Rs 110. 04 per litre, according to a price notification of state-owned fuel retailers. Diesel rates accordingly will reduce to Rs 86. 67 per litre from Rs 98. 42 per litre
"The state government has decided to reduce the VAT by Rs 7 and Rs 2 respectively on petrol and diesel," Additional Chief Secretary Navneet Sehgal said
After Assam, Tripura Chief Minister Biplab Kumar Deb on Wednesday announced that petrol and diesel prices in the state will be reduced by Rs 7 effective from November 4 (Thursday).
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