Petrol, diesel rates remained unchanged for fourth consecutive day: Auto fuels to get further cheaper

New Delhi, Nov 8: The price of petrol and diesel have remained unchanged for the fourth consecutive day after the government announced a cut in excise duty on Diwali eve.

On 3 November, the government reduced excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre following which over 20 states have cut value-added tax (VAT) on auto fuels, giving much-needed relief to the consumers.

On Monday, the price of a litre of petrol in Delhi costs Rs 103.97 while diesel is retailed at Rs 86.67 per litre. In the commercial capital Mumbai, people have to shell out Rs 109.68 per litre of petrol and Rs 94.14 for a litre of diesel.

In Kolkata, petrol is sold at Rs 104.67 per litre while diesel is retailed at Rs 89.79 per litre. In the southern city of Chennai, a litre of petrol and diesel are priced at Rs 101.40 and Rs 91.43, respectively

However, the price of a litre of petrol is sold at Rs 100.56 while diesel is retailed at Rs 85.01 per litre.

Petrol, Diesel Rates to be Slashed Further

Experts believe that there might be more cuts in the offing considering the government has filled its coffers with high rates of taxes already. As per latest government data, central excise duty collection touched Rs 1,37,236 crore till August in FY22 which is a growth of almost 37 per cent over Rs 1,00,398 crore excise revenue collected by the Centre in the first five months of FY21.

In 2021, the rates of auto fuels have seen over Rs 21 increase per litre due to high excise duty and due to increase in global crude oil prices in the international market.

Hence, there is a room for reducing the prices of petrol and diesel in the months to come.