Diesel prices touched the lowest level since March on Tuesday after the fuel prices were slashed by 7-15 paise across the four major metro cities. Petrol was sold at the retail price of Rs 69.79 per litre in Delhi, while diesel was sold at Rs 63.83 per litre. In Mumbai, petrol saw a 7-paise decline at Rs 75.41 per litre, while there was no cut in diesel and was sold at Rs 66.79 per litre. In Chennai, petrol was priced at Rs 72.41 per litre, while diesel was sold at Rs 67.38 per litre. In Kolkata, petrol and diesel were sold at Rs 71.89 and 65.59 per litre, respectively.
Petrol also went down by 15 paise to Rs 69.68 per litre in the NCR region while the diesel prices remained unchanged. Petrol price has also been slashed in other areas adjoining Delhi, including Gurugram. Prices of petrol and diesel, which are market determined, change on daily basis and vary across the country as states and Union Territories levy different rate of VAT (Value Added Tax).
Also read: SBI extends deadline for free 5 litre petrol scheme; here's how you can avail the offer
The retail petrol price also includes Rs 17.98 central excise duty, Rs 15.02 state VAT and Rs 3.59 commission of dealer. In the case of diesel, the central excise duty is Rs 13.83, state VAT is Rs 9.51 and dealer commission is Rs 2.53.
The government has collected excise duty of Rs 73,516.8 crore on petrol and Rs 1.5-lakh crore on diesel during the last financial year, reported PTI. In the first six months of the current fiscal, the collection stands at Rs 25,318.1 crore and Rs 46,548.8 crore for petrol and diesel, respectively.
Also read: Buying fuel through BHIM SBI Pay can fetch you up to 5 litres of free petrol
The government had cut the excise duty on fuel prices on October 4 in order to tackle increasing prices of petrol and diesel. The estimated loss of revenue to the Centre is about Rs 7,000 crore after the reduction in the excise duty on October 4 in the remaining part of the fiscal.
Also read: Soon, petrol and diesel to cost less in Delhi than Noida, Ghaziabad
Edited by Manoj Sharma