Petrol, diesel prices stand static for the 10th consecutive day1 min read . Updated: 14 Nov 2021, 12:40 PM IST
Tax incidence has been reduced to 50 per cent on petrol and 40 per cent on diesel.
Prices of both petrol and diesel in India remained stable for the tenth consecutive day on Sunday. The steadiness of petrol and diesel prices come amid the softening of crude oil prices in the international market. Globally, this week the crude oil prices finished wiping out gains from the previous session.
On the eve of Diwali, the central government announced an excise duty cut on petrol by ₹5 per litre and ₹10 per litre for diesel. Subsequently, several state governments and union territories too announced VAT rate cuts. These combined rate cuts reduced the price of petrol and diesel significantly across a major part of the country, bringing down the burden on common people.
The total tax incidence on petrol has come down to 50 per cent after the excise duty cut by the central government, while diesel too has witnessed tax incidence reduction to 40 per cent.
Petrol price, which shot over ₹100 a litre across a major part of the country before the price reduction has come down since then. Also, after the excise duty cut, oil marketing companies have refrained from revising the pricing of both petrol and diesel. In Delhi, the current price of petrol is ₹103.97 a litre, while a litre of diesel is selling at ₹86.67 in the national capital.
In Mumbai, the current petrol price is ₹109.98 a litre, while diesel is selling at ₹94.14 a litre. Per litre petrol price in Kolkata and Chennai are ₹104.67 and ₹101.40, while a litre of diesel is retailing at ₹89.79 and ₹91.43 respectively in these two cities.
Petrol and diesel prices were skyrocketing earlier this year burdening both motorists and non-motorists as well. However, the latest price reductions came as a much-awaited breather for the common people.