BackPetrol, diesel prices stabilise after reaching new year-highs. Check latest rates here
Petrol, diesel prices were left unchanged for the second consecutive day todayThe government has clarified that there is no proposal to cut taxes on petrol and diesel
PremiumNEW DELHI : Already on a high-high levels, the prices of petrol and diesel have stabilised since yesterday. State-run fuel retailers chose not to change the rates for the second consecutive day today.
In New Delhi, a litre of petrol is now retailing at ₹74.91 and diesel ₹65.78. In Mumbai, a litre of petrol costs ₹80.59 and diesel ₹69. If you are in Bengaluru, you pay ₹77.50 for petrol and ₹68.02 for diesel.
Having jumped by more than ₹2 in the last month, the price of petrol is now on its highest level in 2019. Diesel has remained almost the same due to stagnancy in international benchmark rates of the fuel.
In the meantime, the government has clarified that there is no proposal to cut taxes on petrol and diesel. Finance Minister Nirmala Sitharaman has told the Lok Sabha that nowhere in the world do the prices of petrol and diesel remain steady for a particular period of time.
"At present, there is no proposal to reduce taxes on petrol and diesel," Sitharaman said in response to a question on whether the government proposes to reduce taxes so that prices of petrol and diesel would come down.
To another query, the minister said that at present, no new tax on petrol and diesel is being considered. The central government imposes various central excise and custom duties on petrol and diesel. Besides, state governments levy taxes on them.
There have been demands from various quarters on including petrol and diesel under the ambit of the Goods and Services Tax (GST). Sitharaman said in a way, petrol and diesel are already under the zero rate category of the GST. The rates have to be decided by the GST Council, she noted.
In the international crude oil market, prices rose for the second day today as Saudi Arabia, the de facto OPEC leader and the world's biggest oil exporter, is pushing producers to deepen a supply cut agreement when suppliers meet this week, potentially lowering supply in 2020.
Brent futures rose 19 cents, or 0.3%, to $61.11 a barrel by 0218 GMT, after gaining 0.7% on Monday. U.S. West Texas Intermediate crude was up by 21 cents, or 0.4%, at $56.17 a barrel. The contract rose 1.4% on Monday.
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