Petrol, Diesel Price Drop: Fuel Rates Cheaper With Excise Duty Cut - Check Fuel Prices Here

Petrol, diesel price drop: Petrol and diesel prices across India remained unchanged for the ninth consecutive day, on Friday, November 12. The price of auto fuel was reduced by the Centre on the eve of Diwali. This was followed by Value Added Tax (VAT) cut by more than 20 states in the following few days. Last week, the Centre had cut excise duty on the fuels, reducing the price of petrol by Rs 5 and that of diesel by Rs 10. This move had provided a much-needed relief to common man. Several states, mostly ruled by the NDA and BJP had also joined to slash VAT on petrol and diesel, making them even cheaper. This dual cut on taxes on petrol and diesel price reduced their rates to below Rs 100 in many parts of the country.

With the Centre’s tax reduction, petrol price was cut to at Rs 103.97 in the national capital of Delhi and remained unchanged on Wednesday. Petrol price in Mumbai stood at Rs 109.98 per litre on the day, the highest among the metropolitan city. In West Bengal capital Kolkata, price of one litre of petrol on Monday stood at Rs 104.67. In Chennai, petrol price was at Rs 101.40 for one litre on Friday.

Diesel prices also got cheaper since Diwali after the excise duty cut. A litre of diesel cost Rs 86.67 on the day. The Delhi government has not announced any VAT cut. Diesel price in the financial capital was retailing at Rs 94.14 for one litre after the price cut, and was unchanged too. The price of one litre of diesel was fixed at Rs 89.79 in Kolkata, with chief minister Mamata Banerjee indicating that there may not be any VAT cut on fuel prices. In Chennai diesel price stood at Rs 91.43 per litre while a litre of diesel would cost Rs 90.87 in Madhya Pradesh’s Bhopal.

Petrol and diesel prices vary from state to state based on factors like international crude oil prices, VAT and freight charges. The oil marketing companies update the price of petrol and diesel everyday at 6 am.

As per a report by Reuters, crude oil prices settled slightly higher on Thursday. Brent crude futures settled up 23 cents at $82.87 a barrel after falling during the session to $81.66. U.S. West Texas Intermediate (WTI) futures were up 25 cents to $81.59, bouncing off the session low of $80.20.
On November 1, prior to the duty cuts, central excise of Rs 32.90 a litre and VAT of 30 per cent in Delhi made up for 54 per cent of the retail selling price of diesel, PTI reported quoting a price build-up by state-owned OMCs. This, after the Rs 5 per litre reduction in excise duty, has come down to 50 per cent in Delhi, said PTI in its report.

>Following are the prices of diesel and petrol across some major cities in the country:

Petrol - Rs 109.98 per litre
Diesel - Rs 94.14 per litre
Petrol - Rs 103.97 per litre
Diesel - Rs 86.67 per litre
Petrol - Rs 101.40 per litre
Diesel - Rs 86.67 per litre
Petrol - Rs 104.67 per litre
Diesel - Rs 89.79 per litre
Petrol - Rs 107.23 per litre
Diesel - Rs 90.87 per litre
Petrol - Rs 108.20 per litre
Diesel - Rs 94.62 per litre
Petrol - Rs 100.58 per litre
Diesel - Rs 85.01 per litre
Petrol - Rs 100.12 per litre
Diesel - Rs 86.46 per litre
Petrol - Rs 94.58 per litre
Diesel - Rs 81.29 per litre
Petrol - Rs 95.28 per litre
Diesel - Rs 86.80 per litre
Petrol - Rs 95.35 per litre
Diesel - Rs 89.33 per litre
Petrol - Rs 106.36 per litre
Diesel - Rs 93.47 per litre

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