Latest News Today – Petrol, Diesel Prices Remain Unchanged For 14th

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Petrol And Diesel Prices Remain Unchanged For 14th Consecutive Day

Petrol, diesel prices remain unchanged for 14th consecutive day

Petrol, Diesel Price Today: Petrol and diesel prices remained unchanged across the four metro cities for the 14th consecutive day on Sunday, August 1. In the national capital, petrol prices were steady at Rs 101.84 per litre and diesel rates were unchanged at Rs 89.87 per litre, according to data by Indian Oil Corporation. In Mumbai, petrol prices stood at Rs 107.83 per litre and diesel is retailed at Rs 97.45 per litre. (Also Read:How To Check Latest Petrol And Diesel Rates In Your City). 

Currently, among the four metro cities, petrol and diesel prices are the highest in Mumbai, according to the state-run oil refiner. Fuel rates vary across the states due to value-added tax.

State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise fuel rates on a daily basis, considering crude oil prices in the international markets and the rupee-dollar exchange rates. Any changes in petrol, diesel prices are implemented with effect from 6 am every day.  

Here are the petrol and diesel price across the metro cities:

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Latest News Today – Excise Duty On Petrol, Diesel Hiked By 43% And 68% In 11

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Excise Duty On Petrol, Diesel Hiked By 43% And 68% In 11 Months

Excise duty on petrol and diesel was hiked 43 per cent and 68 per cent in 11 months

Excise duty on petrol and diesel went up by 43 per cent and 68.8 per cent respectively between March 2020 and February 2021, even as fuel prices have sky rocketed over the past few weeks to cross the Rs 100 per litre mark in all the four metros as well as in many cities across the country. 

The Centre collected Rs 1,01,598 crore through excise duty on petrol and Rs 2,33,296 crore through excise duty levy on diesel during 2020-21. 

The excise duty on petrol was Rs 22.98 per litre on March 14, 2020, just 10 days before the national lockdown was imposed due to the Coronavirus pandemic. It was raised by 43 per cent to Rs 32.90 per litre on February 2, 2021, when the infection was on a downward slide.

Similarly the excise duty on diesel was at Rs 18.83 per litre on March 14, 2020 while it was raised to Rs 31.80 per litre on February 2, 2021, a hike of 68.8 per cent.

The excise duty on petrol which is currently Rs 32.90 per litre, includes basic excise duty of Rs 1.40, road and infrastructure development cess of Rs 18, agriculture and infrastructure cess of Rs 2.50 and special additional excise duty of Rs 11 is included in it.

The current excise duty on diesel is Rs 31.80 per litre, which includes basic excise duty of Rs.1.80, road and infrastructure development cess of Rs18, agriculture and infrastructure development cess of Rs 4 and special additional excise duty of Rs 8.

The total excise duty incidence as percentage of retail selling on petrol and diesel is 32.4 per cent and 35.4 per cent respectively, as on July 16, 2021, according to official estimates. 

These details were provided by Petroleum Minister Hardeep Singh Puri in response to a question asked in Lok Sabha regarding the impact of the rising fuel prices on country’s economic recovery from Coronavirus pandemic.

The minister said that the revenue collected by levying these taxes is used in various developmental schemes of the Centre.

He said that over the last seven years, length of national highways have gone up by 50 per cent from 91,287 km (as on April 2014) to 1,37,625 km (as on 20 March 2021). Highway construction per day in India increased almost three times from 12 km per day in 2014-15 to 33.7 km per day in 2020-21.

The cess is used for infrastructure development and also generates employment, the minister claimed in his reply.

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Latest News Today – Fuel Prices Hiked After Two Days

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Petrol, Diesel Prices Hiked After Two Days On Sunday

Petrol and diesel rates today in Delhi, Kolkata, Chennai, Mumbai: Fuel prices hiked after two days

Petrol, Diesel Price Today: Petrol and diesel prices were hiked across the four metro cities on Sunday, July 4, according to data released by the Indian Oil Corporation (IOC). In the national capital, petrol prices are gradually inching towards the century mark as they were hiked by 35 paise to stand at Rs 99.51 per litre. Diesel prices too were hiked by 18 paise in the national capital to reach Rs 89.36 per litre.

In Mumbai, fuel prices continue to reach new heights as petrol is now priced at Rs 105.58 per litre after a 34 paise hike while diesel went up by 19 paise to reach Rs 96.91 per litre. 

While this is the second time that fuel prices have been raised in July, they were hiked 16 times in June, according to the information provided by the state-run oil refiner. Fuel rates vary across the states in India due to value-added tax. (Also Read:How To Check Latest Petrol And Diesel Rates In Your City)

Here are the latest petrol and diesel prices across the four metro cities:

The state-run oil marketing companies – Bharat Petroleum, Indian Oil, and Hindustan Petroleum align the rates of domestic fuel with that of the global crude oil prices by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day. 

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