Gasoline and diesel rates remain unchanged as international oil prices continue to fall

Fuel prices remain stable for the fourth day in a row as state-run oil companies maintain rates amid falling international oil prices. Fuel prices are expected to decline if the trend continues. Check out the latest gasoline and diesel prices.

Fuel prices in the country are expected to fall as international crude oil rates weaken. (Photo: Reuters)

State-owned petroleum marketing companies (WTO) did not raise gasoline and diesel prices on Wednesday. Fuel prices have remained stable for four consecutive days as international crude oil prices decline.

As OMCs hold rates down due to the current decline in global oil prices, experts believe gasoline and diesel prices will soon be cut. At present, gasoline and diesel rates across the country remain at record levels.

In Delhi, gasoline sells for Rs 101.84 per liter and almost Rs 108 per liter in Mumbai. Rates in Kolkata and Chennai have already crossed Rs 102 per liter. Gasoline sells for over 100 rupees a liter in at least 30 cities.

explained | How record fuel prices make life difficult for Indians

Meanwhile, the price of diesel is approaching Rs 90 per liter in the national capital. In most other cities, diesel is already selling for Rs 90 per liter. Prices have fallen in some states that have reduced value added tax (VAT) slightly.

While some states have reduced VAT slightly, the central government has made it clear that it is unable to reduce the high excise taxes levied on gasoline and diesel. The government has said it cannot reduce excise duties due to high spending this year on Covid-19 vaccinations and other relief measures.

It can be noted that the taxes levied on gasoline and diesel are the highest in India. The collection of central government taxes on gasoline and diesel jumped 88% to Rs 3.35 lakh crore during the year ended March 31, 2021, after excise duties were raised to a record level.

Excise duties on gasoline were raised from Rs 19.98 per liter to Rs 32.9 last year to recoup gains from falling international oil prices to a multi-year low as the pandemic has taken hold. swallowed up the demand. The same on diesel was increased to Rs 31.8 against Rs 15.83 per liter.

Petrol and diesel prices in large cities:

CITY

GASOLINE (PER LITER)

DIESEL (PER LITER)

DELHI

101.84 rupees

89.87 rupees

MUMBAI

107.83 rupees

Rs 97.45

CHENNAI

102.49 rupees

94.39 rupees

KOLKATA

102.08 rupees

93.02 rupees

Without the possibility of reductions in record excise taxes on fuel, the fall in international oil prices is a beacon of hope for millions of the country’s citizens. Falling international oil prices could lead to lower domestic fuel prices this month.

Click here for IndiaToday.in’s full coverage of the coronavirus pandemic.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *