Petrol Diesel Price: Public relieved with decline in prices, Government to face troubles following reduction in excise duty

Publish Date: 05 Nov, 2021 |
 

Petrol Diesel prices have reduced because of reduction in the excise duty by the government of India. The public is finally relieved because of this but at the same time government can be in trouble. The reduction has brought a loss of Rs. 45,000 crores in the treasure. This will also increase the loss in national treasure by 0.3%.Also, according to a financial expert, this astonishing decision can brought loss of Rs. 1 lakh crore to the national treasure. in the entire financial year which comprises 0.45% of the GDP.

The central government had,on Wednesday, decreased excise duty on Petrol by Rs. 5 and on Diesel by Rs. 10. Also,different amount of VAT has been reduced by different state governments. This is the highest ever decrease in excise duty by the central government. The petroleum minister supported the Central government’s decision to reduce the excise duty.

The global crude oil prices have also experienced significant decline following the reduction in excise duty and VAT on petrol prices in India. The prices of Brent crude have declined to Rs. 81/barrel. During last 48 hours, global crude oil has become cheaper by 5 times. 

Coming to prices of fuels today, Oil companies haven’t increased the prices of both petrol and diesel on Friday. Prices in metropolitan cities are:


Delhi

Petrol: Rs. 103.97/ litre

Diesel: Rs. 86.67/ litre

 

Mumbai

Petrol: Rs. 109.98/ litre

Diesel: Rs. 94.14/ litre

 

Kolkata

Petrol: Rs. 104.67/ litre

Diesel: Rs. 89.79/ litre

 

Chennai

Petrol: Rs. 101.40/ litre

Diesel: Rs. 91.43/ litre



 

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