Petrol, Diesel Prices Today: Fuel rates fall as Centre cuts excise duty | Check details here

Petrol, Diesel Prices Today: This comes a day after Union Finance Minister Nirmala Sitharaman announced a reduction in excise duty on fuel to provide a much-needed breather to consumers.

By Aalok Sensharma
Updated: Sun, 22 May 2022 07:58 AM IST
Minute Read
Petrol, Diesel Prices Today: Fuel rates fall as Centre cuts excise duty | Check details here

New Delhi | Jagran Business Desk: Petrol and diesel prices across India got cheaper on Sunday, a day after Union Finance Minister Nirmala Sitharaman announced a reduction in excise duty on fuel to provide a much-needed breather to consumers.

Currently, a litre of petrol is priced at Rs 96.72 in Delhi, while diesel is at Rs 89.62. Similarly, in Mumbai, petrol and diesel can be purchased for Rs 111.35 per litre and Rs 97.28 per litre respectively.

In Chennai, petrol and diesel are priced at Rs 102.63 per litre and Rs 94.24 per litre respectively. Meanwhile, a litre of petrol and diesel are priced at Rs 106.03 and Rs 92.76 respectively in Kolkata.

Petrol and diesel reached an all-time high in India due to the rising brent crude rates in the international market, but the Centre provided a relief on Saturday by reducing excise duty on petrol by Rs 8 per litre and that on diesel by Rs 6 per litre.

"We are reducing the central excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre. It will have a revenue implication of around Rs 1 lakh crore/year for the government," Sitharaman tweeted.

"I wish to exhort all state governments, especially the states where reduction wasn't done during the last round (November 2021), to also implement a similar cut and give relief to the common man," she said in another tweet.

Welcoming the move, Prime Minister Narendra Modi said, "It is always people first for us! Today’s decisions, especially the one relating to a significant drop in petrol and diesel prices will positively impact various sectors, provide relief to our citizens and further 'Ease of Living'."

The Centre had provided a similar relief to the consumers in November last year after reducing the excise duty on petrol and diesel by Rs 5 per litre and Rs 10 a litre. Following that, several states and union territories (UTs) - mainly ruled by the Bharatiya Janata Party (BJP) - had cut value-added tax (VAT) further to give consumers a repriever.

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