Petrol, diesel price cut third time within week. Check revised rates of fuel
Business | March 30, 2021 14:47 ISTRates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
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.
All markets remained open in east Delhi's Madhu Vihar and other areas despite the Confederation of All India Traders' (CAIT) call for a 'Bharat Vyapar Bandh' on Friday.
BHARAT BANDH: Several farm organisations protesting the new farm laws decided to extend support to the Bharat Bandh call given by transport and trade unions.
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.
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.
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.
Petrol and diesel prices have gone up in the country, for the seventh day on February 15. Petrol price stood at Rs 88.99/litre (increase by Rs 0.26), while Diesel price are at Rs 79.35/litre (increase by Rs 0.29) in the national capital. Meanwhile, Congress workers observed a six-hour-long statewide bandh and staged 'rail roko' agitation in protest against the rise in fuel prices today. Today, the petrol and diesel prices in Bhubaneswar are at Rs 89.69 per litre and Rs 86.47 per litre respectively.
With skyrocketing fuel prices, the cost of petrol in Delhi is nearing Rs 90 per litre mark after an increase of Rs 0.26.
The government on Monday imposed agriculture and infrastructure development cess at the rate of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel to mobilise additional resources required for massive investment required in these two key segments of the economy that hold the key to bringing back the country on the path of growth.
Petrol price on Tuesday edged past Rs 86 a litre mark in the national capital and diesel soared above Rs 76 after rates witnessed maximum increase in the last one year.
Petrol and diesel prices on Saturday surged again in India and Bhopal witnessed hike in the rates of fuels with ₹93.59 per litre and Rs 83.85 per litre respectively.
Petrol price in the national capital neared the Rs 85 a litre mark while diesel rates in Mumbai were close to Rs 82 as fuel prices were raised by 25 paise per litre each on Monday.
Fuel prices have reached all-time high on Thursday after oil marketing companies hiked the rates. Petrol is retailing at Rs 84.20 per litre in Delhi.
The oil marketing companies have hiked the fuel prices around Rs 2 and Rs 3.50 respectively, which have risen by a quarter since early November. Diesel is currently retailing at Rs 73.87 per litre in the capital, while petrol is retailing at Rs 83.71 per litre in Delhi.
Petrol price on Monday was hiked by 7 paise per litre and diesel by 18 paise for the fourth straight day as the international oil rates broke a nearly two-month-long hiatus in price revision.
With the price revision, the retail price of both the auto fuels has also been increased across the country but the level of increase is different across the cities due to variable taxation structure pursued by the states.
Indian Oil Corporation Ltd. (IOCL) has reduced the Retail Selling Price (RSP) of diesel by Rs 2.93 per litre and petrol by Rs 0.97 per litre in Delhi during the month of September 2020.
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