Prices of petrol and diesel stay unchanged
PremiumOil marketing companies (OMCs) kept the prices of petrol and diesel unchanged on Monday. The price of petrol in Delhi now is ₹96.72 per litre, while diesel is being sold for ₹89.62 a litre.
NEW DELHI : Oil marketing companies (OMCs) kept the prices of petrol and diesel unchanged on Monday. The price of petrol in Delhi now is ₹96.72 per litre, while diesel is being sold for ₹89.62 a litre.
Prices had fallen on Sunday in line with an excise duty cut. A further decline in retail prices is unlikely as crude oil prices are still elevated and OMCs have accumulated under-recoveries, analysts said.
On Saturday, finance minister Nirmala Sitharaman had announced the reduction in central excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre.
“This will reduce the price of petrol by ₹9.5 per litre and of diesel by ₹7 per litre," she said in a series a tweets. The cut in excise duty will have a revenue implication of around ₹1 trillion per year for the government, Sitharaman said.
Several state governments including those of Kerala, Odisha, Maharashtra, and Karnataka have lower their respective value added taxes, following the Centre’s move.
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Petrol and diesel prices across the country were largely unchanged since the previous price hike in 6 April. Prices were steady till 21 May, after increasing by ₹10 during 22 March-6 April.