Petrol and diesel price today: A day after the central government announced a cut in excise duty on petrol and diesel, the key auto fuel prices dropped from their record highs across the country on Thursday, November 4, 2021. In the national capital, petrol was reduced by Rs 6.07 a litre while diesel was cut by Rs 11.75.
Following the latest price revision, petrol in Delhi is now retailing at Rs 103.97 a litre while diesel is selling at Rs 86.67. In the financial capital Mumbai, petrol price now stands at Rs 109.98 while diesel costs Rs 94.14, data available on Indian Oil Corporation’s website showed.
In a bid to provide relief to consumers, the Finance Ministry on Wednesday announced a Rs 5 per litre cut in excise duty on petrol and a Rs 10 per litre cut in excise duty on diesel.
Amid record-high fuel prices, this is the first cut in central excise duties in over three years. The cut in duties brings the total excise duty on petrol down to Rs 27.9 per litre from Rs 32.9 litre and that on diesel to Rs 21.8 litre from Rs 31.8 per litre.
Reducing the excise duty, the central government also urged states to commensurately reduce VAT on petrol and diesel to give relief to consumers. Several BJP-ruled states announced a further reduction of Rs 7 per litre on Value Added Tax (VAT) on both petrol and diesel.
In India, the fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.
The OMCs revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
In the international market, oil prices extended declines on Thursday, pushing US futures below $80 a barrel, after Iran and world powers agreed to resume nuclear talks this month that could lead to the removal of US sanctions on Iranian oil, increasing global supplies, news agency Reuters reported.
US West Texas Intermediate crude slid for a third day to $79.98 a barrel by 0326 GMT, down 88 cents (1.1 per cent). Brent crude futures for January fell for a second session to $81.33 a barrel, down 66 cents (0.8 per cent), the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Thursday, November 4, 2021:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|