Petrol, Diesel Price Today: Fuel Prices Drop Sharply Post Excise Duty Cut; Know Rates

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Petrol, Diesel Prices Today: The price of petrol in Delhi has been reduced to Rs 96.72 per litre, while the per-litre diesel price now stands at Rs 89.62. Know prices in your city

Petrol, Diesel Prices Today: Fuel prices remained unchanged on Monday. Finance minister Nirmala Sitharaman had announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel on Saturday.

The price of petrol in Delhi has been reduced to Rs 96.72 per litre, while the per-litre diesel price now stands at Rs 89.62.

The Maharashtra administration on Sunday slashed the Value-added tax (VAT) on petrol and diesel. VAT on petrol has been cut by Rs 2.08 per litre and Rs 1.44 per litre has been reduced on diesel. So, in Mumbai, petrol is retailing at Rs 111.35 per litre after the latest excise duty cut, while diesel is being sold at Rs 97.28 a litre.

In Kolkata, the latest petrol price now stands at Rs 106.03 per litre, while the price of diesel is Rs 92.76 per litre. In Chennai, petrol is being sold at Rs 102.63 per litre on Sunday and diesel at Rs 94.24 a litre. In Chandigarh, Punjab, the price of petrol stands at Rs 96.20 and the price of diesel is Rs 84.26 per litre.

On Saturday, finance minister Nirmala Sitharaman, said in a tweet, “We are reducing the central excise duty on Petrol by Rs 8 per litre and on Diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre. It will have revenue implication of around Rs 1 lakh crore per year for the government.”

Further, in a reply to the opposition which alleged the central government of slashing excise duty that is shared by states and accusing it of duping people with a “jugglery of figures”, Sitharaman on Sunday said the excise duty on petrol and diesel that has been deducted is not shareable with states.

In a series of tweets, finance minister explained, “Basic Excise Duty (BED), Special Additional Excise duty (SAED), Road & Infrastructure Cess (RIC) and Agriculture & Infrastructure Development Cess (AIDC) together constitute Excise Duty on petrol and diesel. Basic ED is sharable with states. SAED,RIC & AIDC are non-sharable.”

The finance minister added that the excise duty reduction of Rs 8 per litre on petrol and Rs 6 per litre on diesel (effective from today) has entirely been made in Road & Infrastructure Cess (RIC).

Prime Minister Narendra Modi in a tweet said on Saturday, “It is always people first for us! Today’s decisions, especially the one relating to a significant drop in petrol and diesel prices will positively impact various sectors, provide relief to our citizens and further ‘Ease of Living.'”

Petrol, Diesel Prices on Monday, May 23, in Delhi, Mumbai, Chennai 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