Petrol and diesel prices remained unchanged for the sixth consecutive day on November 10 after the Central government cut the excise duty on the two fuels to bring down retail rates from record highs, according to a price notification of state-owned fuel retailers.
The government cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre on November 3 to give relief to consumers battered by record-high retail fuel prices. 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.
The November 4 decline took the price of petrol in Delhi to Rs 103.97 a litre. The price remained the same on November 10. Diesel price stayed unchanged at Rs 86.67 per litre on the day.
In Mumbai, fuel prices witnessed a similar trend. The petrol price remained unchanged and retailed at Rs 109.98 a litre. On May 29, Mumbai became the first metro in the country where petrol was retailed above Rs 100 per litre. Diesel price also remained the same and sold at Rs 94.14 per litre.
The petrol and diesel prices remained unchanged in Kolkata at Rs 104.67 per litre and Rs 89.79 per litre, respectively.
Chennai retailed a litre of petrol at the same price of Rs 101.40. Diesel price also remained unchanged at Rs 91.43 per litre.
The excise duty cut was the highest-ever reduction in excise duty. Reducing the excise duty, the union government also urged states to commensurately reduce or value-added tax (VAT) on petrol and diesel to give relief to consumers.
The total incidence of taxes on petrol has come down to 50 percent and that on diesel to 40 percent following a reduction in excise duty by the Central government, and by a slightly higher proportion in states that have also cut local sales tax VAT on the fuel.
The retail price of petrol and diesel is decided after adding Central excise, commission paid to dealers and VAT to basic oil prices. The basic oil price is the prevailing international benchmark rate plus freight.
Meanwhile, city Congress leaders and workers staged a protest near the Delhi Secretariat at ITO on November 9 demanding that Chief Minister Arvind Kejriwal reduce VAT on petrol and diesel. Delhi Congress president Anil Kumar said Kejriwal should learn from Punjab and bring down VAT on fuel.
(With inputs from PTI)