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).
Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021.
Pakistan’s petroleum prices are currently the lowest in comparison to other countries in the region.
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.
Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, the prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in Delhi.
The petrol and diesel prices have increased 25 times in 2021 with the two auto fuels increasing by over Rs 7 each per litre.
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 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.
After Rajasthan, petrol price crossed Rs 100 per litre mark in Madhya Pradesh's Anuppur district on February 18. Premium petrol which attracts higher taxes, had crossed Rs 100 mark in states like Rajasthan, Madhya Pradesh and Maharashtra.
Accordingly, oil marketing companies raised the pump price of petrol by 34 paise and diesel by another 32 paise per litre in Delhi. With this increase, petrol is now priced at Rs 89.88 a litre and diesel Rs 80.27 a litre in the national capital.
PM Modi said his government is sensitive to concerns of the middle-class and so has focussed on raising share of ethanol mixing in petrol.
In Mumbai, petrol price touched the Rs 96 per litre mark today, the highest price to date, as compared with Rs 95.75 on Tuesday. After a 26 paise hike, people in Mumbai have to shell out Rs 86.98 for a litre of diesel.
The new retail price of petrol will be Rs 85.86 from its current price of Rs 91.26, while the new retail price of diesel will be Rs 79.13 from its present rate of Rs 86.23 in the state capital, Sangma said after a review meeting he held with his cabinet colleagues and senior government officials.
Amid soaring petrol, diesel price in the country, Union Transport Minister Nitin Gadkari on Tuesday suggested that the country should now move towards alternative fuel.