Prices of Petrol and Diesel remain unchanged for the thirteenth consecutive day. The price of petrol and diesel has been the same across major cities since prices fell on March 30, 2021. Nation Capital Delhi was quoting a petrol price of Rs 90.56 per litre, diesel in the city was priced at Rs 80.87 per litre.
Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
Pakistan’s petroleum prices are currently the lowest in comparison to other countries in the region.
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.
Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, the prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in Delhi.
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.
The petrol and diesel prices have increased 25 times in 2021 with the two auto fuels increasing by over Rs 7 each per litre.
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.
After Rajasthan, petrol price crossed Rs 100 per litre mark in Madhya Pradesh's Anuppur district on February 18. Premium petrol which attracts higher taxes, had crossed Rs 100 mark in states like Rajasthan, Madhya Pradesh and Maharashtra.
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 prices with additives has crossed broken the psychological Rs 100 per litre mark in different parts of the country as oil marketing companies continue with their daily price hike for auto fuels in wake of heated up global oil market.
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 touched a new high on Wednesday after oil marketing companies decided to break the momentary pause in the wake of a sudden spike in the global oil prices.
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