Petrol, Diesel Prices Today: Check Out Rates On Day 2 After Excise Duty Cut

Petrol and diesel rates were steady today (Thursday), a day after a steep fall on Wednesday. A cut in excise duty brought down petrol rates and diesel rates sharply on Wednesday, bringing some relief to consumers.  Currently, petrol rates and diesel rates are revised on a daily basis, applicable from 6 am. On Thursday, petrol rates were at Rs 68.38 per litre in New Delhi, Rs 71.16 in Kolkata, Rs 77.51 in Mumbai and Rs 70.85 in Chennai,  unchanged from Wednesday's prices, according to Indian Oil's website. From Tuesday's prices, petrol is now down by Rs 2.50 per litre in Delhi, Rs 2.46 in Kolkata, Rs 2.48 in Mumbai and Rs 2.63 in Chennai.

Petrol, diesel price today after revision

The price of diesel today (Thursday) was at Rs 56.90 in Delhi, Rs 59.56 in Kolkata, Rs 60.44 in Mumbai and Rs 59.90 in Chennai, according to the Indian Oil website, just a paise higher than Wednesday's prices. Compared with Tuesday's prices, diesel was retailing at Rs 2.24 per litre lower in Delhi, Rs 2.24 in Kolkata, Rs 2.38 in Mumbai and Rs 2.40 in Chennai on Thursday.
 

Unbranded Petrol (Rs)	Delhi	Kolkata	Mumbai	Chennai
Oct-05	68.38	71.16	77.51	70.85
Oct-04	68.38	71.16	77.51	70.85
Oct-03	70.88	73.62	79.99	73.48
Fall in prices (from Tuesday to Thursday)	2.5	2.46	2.48	2.63
Unbranded Diesel (Rs)	Delhi	Koltata	Mumbai	Chennai
Oct-05	56.9	59.56	60.44	59.9
Oct-04	56.89	59.55	60.43	59.89
Oct-03	59.14	61.8	62.82	62.3
Fall in prices (from Tuesday to Thursday)	2.24	2.24	2.38	2.4

(Petrol and diesel prices in metro cities as given on the IOC website)

The government on Tuesday cut excise duty on petrol and diesel by Rs 2 per litre each, a move which have brought down petrol rates and diesel rates. The excise duty cut became effective from Wednesday, October 4. Global crude prices have surged to their highest level in two years on optimism of a demand pick-up and geopolitical tensions. The excise duty cut on petrol and diesel would cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018, according to an official statement announcing the reduction.

Previously, the petrol and diesel rates were changed every fortnight but since June 16, they are revised daily to immediately pass on any movement in international oil prices to consumers and avoid sharp spikes by spreading them in small doses.

Petrol and diesel don't come under the ambit of GST (Goods and Services Tax). Besides, global prices, excise duty and VAT determine the domestic price of petrol and diesel. India relies on imports to meet 80 per cent of its needs.

After the Centre taking a hit of Rs 26,000 crore by cutting excise duty on oil, Finance Minister Arun Jaitley has nudged states to cut sales tax or VAT on petrol and diesel to provide further relief to consumers from high fuel prices.

"Now it is up to state governments if they are concerned with the issue (to cut sales tax or VAT)," he said on Wednesday.