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Business News/ News / India/  Petrol, diesel prices today: Fuel rates fall in Mumbai. Check latest rates in other metros
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Petrol, diesel prices today: Fuel rates fall in Mumbai. Check latest rates in other metros

Petrol, Diesel prices: The central government imposes excise duty on petrol. Similarly, the state govt levies VAT ad valorem on fuel. VAT on petrol varies with each state

A day after the Central government announced a reduction in fuel prices, the Maharashtra administration on Sunday slashed the Value-added tax (VAT) on petrol and diesel. (PTI)Premium
A day after the Central government announced a reduction in fuel prices, the Maharashtra administration on Sunday slashed the Value-added tax (VAT) on petrol and diesel. (PTI)

The prices of petrol and diesel have remained unchanged today after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on Saturday.

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.

A day after the Central government announced a reduction in fuel prices, the Maharashtra administration on Sunday slashed the Value-added tax (VAT) on petrol and diesel. VAT on petrol has been slashed by 2.08 per litre and 1.44 per litre has been reduced on diesel.

In Mumbai after the reduction of excise duty and VAT 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 central government imposes excise duty on petrol. Similarly, the state govt levies VAT ad valorem on fuel. VAT on petrol varies with each state. As centre has reduced the excise duty on diesel and petrol, the VAT automatically gets reduced.

Centre has many times appealed to states, especially non-BJP ruled states, to reduce VAT on petrol and diesel, but the states had not done so.

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.

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Published: 23 May 2022, 07:01 AM IST
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