Petrol, Diesel Prices on Tuesday: The prices of petrol and diesel have remained unchanged on Tuesday after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per liter on diesel on Saturday. The central government slashed central excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 a litre, providing much-needed relief to households that have been hit by 8-year high inflation.
Petrol price in Delhi from today, when the excise cuts become effective, will cost Rs 96.72 a liter as against Rs 105.41 a liter currently while diesel will cost Rs 89.62 a liter as opposed to Rs 96.67 now. The Maharashtra administration on Sunday slashed the Value-added tax (VAT) on petrol and diesel. VAT on petrol has been slashed by Rs 2.08 per liter and Rs 1.44 per liter has been reduced on diesel.
In Mumbai after the reduction of excise duty and VAT one liter of petrol will cost Rs 111.35 and a liter of diesel Rs 97.28. In Chennai, the petrol and diesel prices are at Rs 102.65 and Rs 94.24 per liter . In Kolkata, the price of petrol is Rs 106.03 and diesel is Rs 92.76 . In Bengaluru, one liter of petrol will cost Rs 101.94 and one liter of diesel will cost Rs 87.89. In Gurugram, one liter of petrol will cost Rs 97.81 and Rs 90.05 for one liter of diesel.
The Center has also intervened in LPG prices along with fuel prices to offset the subsidy. Finance Minister Nirmala Sitharaman in a tweet on Saturday said, “We will give a subsidy of Rs 200 per gas cylinder (up to 12 cylinders) to over nine crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This will help our mothers and sisters. This will have a revenue implication of around Rs 6,100 crore a year.”
Currently, all users including Ujjwala Yojana beneficiaries buy LPG cylinders at a market rate after the subsidy was discontinued in June 2020. A 14.2-kg LPG cylinder costs Rs 1,003 in the national capital. Now, after the latest government decision, for Pradhan Mantri Ujjwala Yojana beneficiaries, a subsidy of Rs 200 per cylinder will be directly credited to their bank accounts and the effective price for them would be Rs 803 per 14.2-kg cylinder.
Oil prices eased in early trade on Tuesday as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing’s promises of stimulus, Reuters reported. Brent crude futures for July slid 35 cents, or 0.3 per cent, to $113.07 a barrel. US West Texas Intermediate (WTI) crude futures for July delivery dropped 36 cents, or 0.3 per cent, to $109.93 a barrel. Both benchmarks declined by more than $1 earlier in the session.
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