Petrol, Diesel Price Drop: 50% Tax Cut on Fuels. See Petrol, Diesel Rate in Your City

Petrol, diesel price today: Petrol price remained unchanged for the tenth consecutive day on Saturday, November 13, across India. The same was applicable for diesel prices too, which also underwent no change over the country for 10 straight days. The prices of auto fuels have remained constant since the Centre had announced excise duty cut on them on the eve of Diwali, with many hailing the move as a ‘Diwali gift’. The government had cut excise duty on the fuels, reducing the price of petrol by Rs 5 and that of diesel by Rs 10. This move was followed by several states, who rushed in soon after to slash Value Added Tax on petrol and diesel, making them even cheaper in the respective areas.

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. On the other hand, one litre of diesel here cost Rs 86.67 on the day. Delhi has not announced any VAT cut.

Petrol price in Mumbai stood at Rs 109.98 per litre on the day. Diesel price in the financial capital was retailing at Rs 94.14 for one litre after the price cut, and was unchanged too.

In West Bengal capital Kolkata, price of one litre of petrol on Monday stood at Rs 104.67. On the other hand, the price of one litre of diesel was fixed at Rs 89.79 in the eastern metropolitan city.

In Chennai, petrol price was at Rs 101.40 for one litre while the price of that amount of diesel stood at Rs 91.43. Petrol price in Bhopal was at Rs 107.23, while diesel price in the Madhya Pradesh city was at Rs 90.87 on the day.

Most of the states that slashed the VAT rates on petrol and diesel are BJP-ruled. These include Gujarat, Uttar Pradesh, Karnataka, Tripura, Goa, Uttarakhand, Manipur, Assam, Bihar and Haryana. Three Union Territories namely  Puducherry, Jammu and Kashmir, and Chandigarh, also took the same decision.

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.

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 Oil Marketing Companies or OMCs. This, after the Rs 5 per litre reduction in excise duty, has come down to as low as 50 per cent in national capital Delhi, said PTI in its report.