Petrol, Diesel Price Drops Steeply After Centre Cuts Excise Duty; See Fuel Prices Today

Petrol, Diesel price reduction: The petrol price on Sunday 5 June remained constant for two weeks, while the diesel price also remained unchanged on the day. This follows the Centre’s orders for a tax cut that resulted in a drop in the price of petrol, as well as a drop in the price of diesel, bringing relief to the common man who was reeling under the pressure of inflation. Finance Minister Nirmala Sitharaman announced last month a tax cut on petrol and diesel at a record Rs 8 per liter and on diesel at Rs 6 per liter respectively as fuel prices hit record highs.

Petrol price in Delhi was Rs 96.72 per liter and Rs 111.35 per liter in Mumbai while diesel was sold for Rs 89.62 per liter in Delhi and Rs 97.28 per liter in Mumbai. On the other hand, the petrol price in Kolkata today stood at Rs 106.03 after the tax cut while the diesel price in the city was Rs 92.76 per litre. Elsewhere in the country, petrol cost Rs 102.63 per litre, while diesel cost Rs 94.24 per litre.

On May 21, Nirmala Sitharaman announced a reduction in excise tax on petrol by rupees 8 per liter and rupees 6 per liter on diesel. Following the government’s decision, the price of petrol was cut by Rs 8.69 per liter while diesel was cut by Rs 7.05 in the national capital. Following this, several state governments including Uttar Pradesh, Kerala, Maharashtra and Rajasthan announced that VAT on petrol and diesel had been reduced in the states. This came at a time when the country is reeling under the pressure of rising inflation, which reached a month-long high in April.

Fuel prices in India depend on international crude oil prices, the exchange rate of the rupee and the dollar. In addition, the state government and states levy various taxes, including excise duties and value-added tax (VAT) on gasoline and diesel. The dealer’s commission and freight charges are also included in the fuel price.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, have agreed to increase production by 648,000 barrels per day (bpd) in July and 648,000 barrels per day in August, Reuters reported.

Gasoline, diesel prices on Sunday, June 5 in Delhi, Mumbai, Chennai, Kolkata and other major cities in India:

Delhi

Gasoline: Rs 96.72 per litre

Diesel: Rs 89.62 per liter

Mumbai

Gasoline: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Gasoline: Rs 106.03 per litre

Diesel: Rs 92.76 per liter

Chennai

Gasoline: Rs 102.63 per litre

Diesel: Rs 94.24 per liter

Bhopal

Gasoline: Rs 108.65 per litre

Diesel: Rs 93.90 per liter

Hyderabad

Gasoline: Rs 109.66 per litre

Diesel: Rs 97.82 per liter

Bengaluru

Gasoline: Rs 101.94 per litre

Diesel: Rs 87.89 per litre

Guwahati

Gasoline: Rs 96.01 per liter

Diesel: Rs 83.94 per liter

Lucknow

Gasoline: Rs 96.57 per litre

Diesel: Rs 89.76 per litre

Gandhinagar

Gasoline: Rs 96.63 per liter

Diesel: Rs 92.38 per liter

Thiruvananthapuram

Gasoline: Rs 107.71 per litre

Diesel: Rs 96.52 per litre.

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