Petrol, Diesel Prices Drop Steeply After Centre Cuts Excise Duty; See Fuel Prices Today

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Petrol, Diesel Price Today, June 5, 2022: Petrol price and diesel price drop after Centre announces tax cut on fuel prices last month. Check petrol price today in Mumbai, Delhi and other cities

Petrol, Diesel Price Cut: Petrol price on Sunday, June 5, remained constant for two weeks while diesel price on the day also remained unchanged. This follows the Centre’s orders of an excise duty cut which resulted in petrol price drop, as well as a diesel price fall, bringing in relief to the common man reeling under the pressure of inflation. Finance minister Nirmala Sitharaman had announced an excise duty cut on petrol and diesel by a record Rs 8 per litre and on diesel by Rs 6 per litre respectively last month as fuel rates hit an all time high.

Petrol price in Delhi stood at Rs 96.72 per litre and Rs 111.35 per litre in Mumbai, while diesel was being sold at Rs 89.62 per litre in Delhi and Rs 97.28 per litre in Mumbai. On the other hand, petrol price in Kolkata today was standing at Rs 106.03 after the tax cut, while diesel price in the city stood at Rs 92.76 per litre. Elsewhere in the country, petrol was retailing at Rs 102.63 per litre while diesel was priced at Rs 94.24 per litre.

On May 21, Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel. Following the government’s decision petrol price was cut by Rs 8.69 per litre while diesel was reduced by Rs 7.05 in the national capital. After this, several state governments including Uttar Pradesh, Kerala, Maharashtra and Rajasthan announced that the VAT on petrol and diesel in the states had been reduced. This was done at a time when the country is reeling under the pressure of rising inflation, which was at a months-high in April.

Fuel prices in India depend on international crude oil prices, rupee-dollar exchange rate. On top of this, the central government and states levy various taxes including excise duty and Value Added Tax (VAT) on petrol and diesel. The commission taken by the dealer and freight charges are also included in the fuel price.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July and 648,000 bpd in August, reported Reuters.

Petrol, Diesel Prices on Sunday, June 5, in Delhi, Mumbai, Chennai, Kolkata and Other Major Cities in India:

Delhi

Petrol: Rs 96.72 per litre

Diesel: Rs 89.62 per litre

Mumbai

Petrol: Rs 111.35 per litre

Diesel: Rs 97.28 per litre

Kolkata

Petrol: Rs 106.03 per litre

Diesel: Rs 92.76 per litre

Chennai

Petrol: Rs 102.63 per litre