Petrol, diesel price unchanged for 2 days now; states reduce fuel price

After a 12-day long rally of constant price hikes, retail prices of petrol and diesel have now remained constant in the metro cities for 2 days in a row.

The fuel prices in Mumbai were the same as they were on Saturday; petrol was going at a rate of Rs 97/liter and diesel for Rs 88.06/liter. In the national capital Delhi, it remained at Rs 90.58/liter and Rs 80.97/liter for petrol and diesel respectively. In Kolkata and Chennai, the fuel rate were going at Rs 91.78/liter for petrol, Rs 84.56/liter for diesel, and Rs 92.59/liter, Rs 85.98/liter respectively.

Defending the center’s move to increase taxes on fuel, Finance Minister Nirmala Sitharaman said that the petroleum sector is a technical one and the details of taxation are very complicated, due to which the Center needs to hold a proper debriefing with the States.

Union Petroleum Minister Dharmendra Pradhan, has attributed the Center’s requirement to induce the fuel price hike to the economic stress which has resulted due to the COVID-19 pandemic. He also said that the recent decision made by the Organisation of the Petroleum Exporting Countries (OPEC) to cut fuel outputs was a major reason behind the rising fuel prices.

Since the Center has been unable to provide any relief to the public, four states including Rajasthan, Meghalaya, Assam, and West Bengal starting 20th of February have reduced the VAT by Re 1.

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