Diesel prices have dropped for the second consecutive day across India on Thursday. In Delhi and Mumbai, diesel rates were cut by 20 paise each, respectively as per the latest data by the Indian Oil Corporation.
The current diesel price in Mumbai stands at RS 97.04 per litre and in Delhi, it stands at Rs 89.47 per litre. In other metro cities, such as Chennai diesel price was cut by 18 paise, taking the new rates to Rs 94.02 per lire. In Kolkata diesel was dropped by 25 paise. Now, the cost of one litre diesel stands at Rs 92.57 per litre.
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However, price of petrol has remained unchanged for more than a month. Since July 17, the retail price of one litre of petrol is RS 101.84/litre in the national capital. In Mumbai, Chennai and Kolkata, petrol rates stand at ₹107.83/litre; Rs 99.47/litre, and Rs 102.08, respectively.
Meanwhile, Finance Minister Nirmala Sitharaman remained non-committal on cut in excise duty on petrol and diesel, saying payments in lieu of past subsidised fuel pose limitations. Fuel prices differ from state to state depending on the VAT and freight charges. Rajasthan levies the highest VAT on petrol and diesel in the country.
During the Monsoon session in Parliament, Minister of State for Petroleum and Natural Gas Rameswar Teli had told that central government collected RS 94,181 crore through levy of excise duty on petrol and diesel in the first three months of the FY22 on the back of a record tax on fuel that yielded 88% higher revenue the previous financial year.
Excise duty on petrol was hiked from Rs19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices. The same on diesel was raised to Rs 31.8 from Rs 15.83 a litre.
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