After Government reduces Excise Duty States slash VAT on Fuel Patiala News Today

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5th November 2021-

        A day after major reduce Excise Duty in petrol and diesel costs following Center and states cost taxes, fuel costs stayed unchanged on Friday under the day-to-day cost difference instrument followed by oil marketing companies. Hence, the pump cost of petrol in Delhi, which bowl to Rs103.97 a liter at 6a.m. on Thursday from former daytime’s position of Rs110.04 a liter, remains at the equal position on Friday. 

The diesel costs similarly remained unchanged in the capital at Rs86.67 a liter. In the fiscal capital Mumbai, petrol continues to be priced at Rs109.98 a liter and diesel Rs94.14 a liter. Prices also remained stationary on Friday in Kolkata where the price of petrol reduced by Rs5.82 to Rs104.67 per liter and that of diesel by Rs11.77 to Rs89.79 per liter on the former day. Petrol price in Chennai also remained at Rs101.40 per liter and diesel Rs 91.43 per liter. 

Across the country as well price of the energy largely remained unchanged on Friday barring a many countries where Handbasket reduction would restate into lower prices from Friday. The good news on the fuel price front is that global crude prices have softened to round$81.5 a barrel now from a three-year-high position of over 85 a barrel just a many days back. However, energy prices in India could come down further and further increases could be checked, If the price line holds. 

Before cost cuts and pause, diesel costs hold raised 30 out of the last 42 days taking up its retail cost by Rs9.90 per liter in Delhi. Petrol prices have also risen on 28 of the former 38 days taking up its pump price by Rs8.85 per liter. Since January 1, 2021, petrol and diesel costs have up risen by further than Rs 26 a liter before the duty cuts. The Excise Duty cut by the Center is the earliest similar activity since the onset of Covid epidemic. 

In fact, the administration had changed Excise Duty on petrol and diesel sprucely in March and again in May last time to mobilize fresh coffers for Covid relief measures. The excise duty was raised by Rs 13 and Rs 16 per liter on petrol and diesel between March 2020 and May 2020 and was standing grandly at Rs31.8 on diesel and Rs32.9 per liter on petrol before eventually the Center decided on duty cut.