Today's petrol and diesel prices in Mumbai are lower. Check out the most recent rates in other cities.

  • May 23, 2022, 10:57 a.m.

 

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.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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