Petrol, Diesel Become Cheaper after Centre's Excise Duty Cut; Check Fuel Rates Today

Markersh

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posted on 2 years ago — updated on 1 second ago

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Petrol, Diesel Prices on Tuesday: In Mumbai after the reduction of excise duty and VAT one litre of petrol will cost Rs 111.35 and a litre of diesel Rs 97.28.

Petrol, Diesel Prices on Tuesday: The prices of petrol and diesel have remained unchanged on Tuesday after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on Saturday. The central government slashed central excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 a litre, providing much-needed relief to households that have been hit by 8-year high inflation.

Petrol price in Delhi from today, when the excise cuts become effective, will cost Rs 96.72 a litre as against Rs 105.41 a litre currently while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67 now. The Maharashtra administration on Sunday slashed the Value-added tax (VAT) on petrol and diesel. VAT on petrol has been slashed by Rs 2.08 per litre and Rs 1.44 per litre has been reduced on diesel.

In Mumbai after the reduction of excise duty and VAT one litre of petrol will cost Rs 111.35 and a litre of diesel Rs 97.28. In Chennai, the petrol and diesel prices are at Rs 102.65 and Rs 94.24 per litre . In Kolkata, the price of petrol is Rs 106.03 and diesel is Rs 92.76 . In Bengaluru, one litre of petrol will cost Rs 101.94 and one litre of diesel will cost Rs 87.89. In Gurugram, one litre of petrol will cost Rs 97.81 and Rs 90.05 for one litre of diesel.

The Center has also intervened in LPG prices along with fuel prices to offset the subsidy. Finance Minister Nirmala Sitharaman in a tweet on Saturday said, “We will give a subsidy of Rs 200 per gas cylinder (up to 12 cylinders) to over nine crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will help our mothers and sisters. This will have a revenue implication of around Rs 6,100 crore a year.”

Currently, all users including Ujjwala Yojana beneficiaries buy LPG cylinders at a market rate after the subsidy was discontinued in June 2020. A 14.2-kg LPG cylinder costs Rs 1,003 in the national capital. Now, after the latest government decision, for Pradhan Mantri Ujjwala Yojana beneficiaries, a subsidy of Rs 200 per cylinder will be directly credited to their bank accounts and the effective price for them would be Rs 803 per 14.2-kg cylinder.

Oil prices eased in early trade on Tuesday as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing’s promises of stimulus, Reuters reported. Brent crude futures for July slid 35 cents, or 0.3 per cent, to $113.07 a barrel. US West Texas Intermediate (WTI) crude futures for July delivery dropped 36 cents, or 0.3 per cent, to $109.93 a barrel. Both benchmarks declined by more than $1 earlier in the session.

Petrol, Diesel Prices on Tuesday, May 24, in Delhi, Mumbai, Chennai and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre