Diesel prices dip by 20 paise, while Petrol remains same | Business Upturn

Diesel prices dip by 20 paise, while Petrol remains same

In metropolitan cities like Mumbai and Delhi, the diesel prices were cut by 20 paise, bringing down the prices to Rs.97.04 and Rs 89.47 per litre respectively.

Diesel prices in the country dropped for the second consecutive day on Thursday. In metropolitan cities like Mumbai and Delhi, the diesel prices were cut by 20 paise, bringing down the prices to Rs.97.04 and Rs 89.47 per litre respectively.

In Chennai, diesel price was cut by 18 paise. The current diesel price stands at 94.02 per litre. In Kolkata, it dropped by 25 paise, taking the new rate to Rs. 92.57 per litre.

Fuel prices in the national capital have remained unchanged since July 2021. Petrol sold at Rs 101.84 a litre. The base prices of petrol and diesel are Rs 41.24 and Rs 42 a litre respectively. The near 50 per cent increase in the selling prices is due to central and state duties, and dealer commission.

Finance Minister Nirmala Sitharaman on Monday told reporters that the government charges higher rates for fuel in order to bear the cost of oil bonds issued by the previous government to the companies. 

Speaking about why she cannot cut the excise duty on petrol and diesel,  Sitharaman said, “If I had not incurred the UPA’s oil bonds worth over ₹ 1. 4 lakh crore, I would have given relief from petroleum prices.”

According to LiveMint, during the Monsoon session in Parliament, Minister of State for Petroleum and Natural Gas Rameswar Teli had told that the central government collected ₹94,181 crore through levy of excise duty on petrol and diesel in the first three months of the FY22.