Petrol, diesel prices on November 7: Check rates in Mumbai, Delhi and other cities

Petrol and diesel prices remained unchanged across metros for the third consecutive day after the Centre lowered excise duty on fuel to bring down retail rates from record highs. With no revision in price, petrol continues to retail for Rs 103.97 in Delhi, while diesel costs Rs 86.67.

The government had cut excise duty on petrol and diesel prices by Rs 5 and Rs 10 on the eve of Diwali. This announcement was matched by at least 22 states and Union Territories cutting VAT rates in different proportions.

Following this, petrol price was cut in the range of Rs 5.7 to Rs 6.35 per litre across the country and diesel rates by Rs 11.16 to Rs 12.88 on November 4 as oil companies passed on a record reduction in excise duty rates to consumers.

Similarly, petrol and diesel prices remained steady in Mumbai at Rs 109.98 and Rs 94.14 per litre, respectively.

In Kolkata, petrol price currently stands at at Rs 104.67 per litre and diesel costs Rs 89.79 per litre.

Chennai retailed a litre of petrol at the same price of Rs 101.40. Diesel price also remained static at Rs 91.43 per litre.

The excise duty cut was the highest-ever reduction in excise duty. It rolls back a part of the Rs 13 and Rs 16 per litre increase in taxes on petrol and diesel effected between March 2020 and May 2020 to avoid passing on to consumers the sharp fall in international oil prices at the onset of the COVID-19 pandemic.

That hike in excise duty had taken central taxes on petrol to their highest level of Rs 32.9 per litre and that on diesel to Rs 31.8 a litre.

The Congress on November 6 demanded the withdrawal of all taxes on petrol and diesel imposed during the past year.

Congress spokesperson Pawan Khera said the government, in the name of Covid, had increased the price of petrol by Rs 13 a litre and diesel by Rs 16 a litre by way of central taxes, and the same should be withdrawn immediately as GST collections were record high.