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Petrol, diesel prices today: Fuel rates fall as govt slashes excise duty. Check latest rates

New Delhi, May 21 (ANI): An attendant refills a two-wheeler with fuel while others wait in a queue as Government reduces central excise duty on Petrol and Diesel, at a petrol pump, in New Delhi on Saturday. (ANI Photo) (Ishant Kumar )Premium
New Delhi, May 21 (ANI): An attendant refills a two-wheeler with fuel while others wait in a queue as Government reduces central excise duty on Petrol and Diesel, at a petrol pump, in New Delhi on Saturday. (ANI Photo) (Ishant Kumar )

  • Petrol, diesel prices today: Petrol price in Delhi from Sunday, when the excise cuts become effective, will cost 96.72 a litre as against 105.41 a litre currently while diesel will cost 89.62 a litre as opposed to 96.67 now

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The prices of petrol and diesel have fallen today after remaining unchanged for the last 45 days on Sunday, 22 May. Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel.

The excise duty cut will translate into a reduction of 9.5 a litre on petrol in Delhi and 7 a litre in diesel after taking into account its impact on other levies. Petrol price in Delhi from today, when the excise cuts become effective, will cost 96.72 a litre as against 105.41 a litre currently while diesel will cost 89.62 a litre as opposed to 96.67 now.

In Mumbai after the reduction of excise duty one litre of petrol will cost 111.35 and a litre of diesel 97.28. In Chennai, the petrol and diesel prices are at 102.65 and 94.24 per litre . In Kolkata, the price of petrol is 106.03 and diesel is 92.76 . In Bengaluru, one litre of petrol will cost 101.94 and one litre of diesel will cost 87.89. In Gurugram, one litre of petrol will cost 97.81 and 90.05 for one litre of diesel.

The move came after the government's inflation management was criticised by opposition parties and economists. A rise in price across all items from fuel to vegetables and cooking oil pushed WPI or wholesale price inflation to a record high of 15.08 per cent in April and retail inflation to a near eight-year high of 7.79 per cent.

The excise duty cuts along with 5 cut on petrol and 10 reduction on diesel effected from November 4, 2021, rolls back the 13 per litre and 16 per litre increase in taxes on petrol and diesel, respectively, effected between March 2020 and May 2020 to avoid passing on to consumers the sharp fall in international oil prices. The excise duty hikes of 2020 had taken central taxes on petrol to their highest level of 32.9 per litre and that on diesel to 31.8 a litre. After the latest excise cut, the incidence of central tax on petrol will come down to 19.9 a litre and that on diesel to 15.8 per litre.

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