Petrol, diesel prices fall, Petrol and Diesel Prices All over India remained unchanged for the ninth consecutive day on Friday, 12 November. The price of auto fuel was reduced by the Center on the eve of Diwali. This was followed by reduction in Value Added Tax (VAT) by more than 20 states over the next few days. Last week, the Center had cut excise duty on fuel, reduced the price of petrol by Rs 5 and that of diesel by Rs 10. The move had provided much needed relief to the common man. Average states, mostly ruled by NDA and BJP, had also joined the slash. VAT on petrol and diesel, making them even cheaper. This double cut in taxes on petrol and diesel prices reduced their rates to below Rs 100 in many parts of the country.
With the Centre’s tax cut, petrol price in the national capital Delhi rose to Rs 103.97 and remained unchanged on Wednesday. Petrol price in Mumbai was Rs 109.98 per liter that day, which is the highest in the metropolitan city. In Kolkata, the capital of West Bengal, the price of one liter of petrol was Rs 104.67 on Monday. On Friday, the price of petrol in Chennai was Rs 101.40 a liter.
Diesel prices have also become cheaper since Diwali after the reduction in excise duty. The cost of a liter of diesel that day was Rs 86.67. The Delhi government has not announced any reduction in VAT. Diesel price in the financial capital was retailing at Rs 94.14 for a liter after the price cut, and was also unchanged. The price of a liter of diesel in Kolkata was fixed at Rs 89.79, with Chief Minister Mamata Banerjee indicating that there may be no VAT cut on fuel prices. The price of diesel in Chennai was Rs 91.43 per liter while in Bhopal, Madhya Pradesh the cost of a liter of diesel would be Rs 90.87.
Petrol and diesel prices vary from state to state depending on factors such as international crude oil prices, VAT and freight charges. Oil marketing companies update petrol and diesel prices every day at 6 am.
According to a Reuters report, crude oil prices were slightly higher on Thursday. Brent crude futures rose 23 cents to $82.87 a barrel, after falling during the session at $81.66 a barrel. US West Texas Intermediate (WTI) futures rose 25 cents to $81.59, having jumped from the session’s low of $80.20.
On November 1, before the duty cut, central excise of Rs 32.90 per liter and 30 per cent VAT in Delhi was 54 per cent of the retail selling price of diesel, PTI reported quoting price creation by state-owned OMCs. This, after a reduction of Rs 5 per liter in excise duty, has come down to 50 per cent in Delhi, PTI said in its report.
The prices of diesel and petrol in some of the major cities of the country are as follows:
Mumbai
Petrol – Rs 109.98 per liter
Diesel – Rs 94.14 per liter
Delhi
Petrol – Rs 103.97 per liter
Diesel – Rs 86.67 per liter
Chennai
Petrol – Rs 101.40 per liter
Diesel – Rs 86.67 per liter
Kolkata
Petrol – Rs 104.67 per liter
Diesel – Rs 89.79 per liter
Bhopal
Petrol – Rs 107.23 per liter
Diesel – Rs 90.87 per liter
Hyderabad
Petrol – Rs 108.20 per liter
Diesel – Rs 94.62 per liter
Bangalore
Petrol – Rs 100.58 per liter
Diesel – Rs 85.01 per liter
Chandigarh
Petrol – Rs 100.12 per liter
Diesel – Rs 86.46 per liter
Guwahati
Petrol – Rs 94.58 per liter
Diesel – Rs 81.29 per liter
Lucknow
Petrol – Rs 95.28 per liter
Diesel – Rs 86.80 per liter
Gandhinagar
Petrol – Rs 95.35 per liter
Diesel – Rs 89.33 per liter
Thiruvananthapuram
Petrol – Rs 106.36 per liter
Diesel – Rs 93.47 per liter
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