Economy

Petrol, diesel prices on December 5 in your city

The Centre cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre on November 3 to give relief to consumers battered by record-high retail fuel prices.

According to a price notification from state-owned fuel retailers, petrol and diesel prices remained unchanged on December 5 following the Centre’s excise duty cut to bring retail rates down from record highs.

Petrol prices in Delhi remained unchanged at Rs 95.41 per litre, three days after the government reduced value-added tax (VAT) from 30% to 19.4%, resulting in a Rs 8 per litre reduction. In Delhi, the price of diesel remained unchanged at Rs 86.67 per litre.

On November 3, the government reduced excise duty on petrol by Rs 5 per litre and diesel by Rs 10 per litre to provide relief to consumers who have been hit by record-high retail fuel prices.

In other metro cities, the price remained the same. The price of petrol in Mumbai fell to Rs 109.98 per litre on November 4. On December 4, the price remained unchanged. On the day, the price of diesel remained unchanged at Rs 94.14 per litre.

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In Kolkata, the prices of petrol and diesel remained unchanged at Rs 104.67 per litre and Rs 89.79 per litre, respectively.
A litre of petrol was sold in Chennai for the same price of Rs 101.40. The price of diesel remained unchanged at Rs 91.43 per litre as well.

The excise duty cut was the largest reduction in excise duty in history. In addition to lowering the excise duty, the union government urged states to lower the value-added tax (VAT) on gasoline and diesel to provide relief to consumers.

As a result, many states and union territories have reduced VAT to provide additional relief to consumers who have been hit by record-high retail prices. Ladakh, Karnataka, Puducherry, Jammu and Kashmir, Sikkim, Mizoram, Delhi, Himachal Pradesh, Daman and Diu, Dadra and Nagar Haveli, Chandigarh, Chhattisgarh, Assam, Madhya Pradesh, Tripura, Gujarat, Nagaland, Punjab, Goa, Meghalaya, Odisha, Rajasthan, Rajasthan, Arunachal Pradesh, Manipur, Andaman and

Congress-ruled Maharashtra, Jharkhand, and Tamil Nadu are among the states that have yet to lower their VAT. West Bengal, which is governed by the TMC, Kerala, which is governed by the Left, Telangana, which is governed by the TRS, and Andhra Pradesh, which is governed by the YSR Congress, have all refused to reduce VAT.

Congress-ruled Punjab has seen the largest reduction in petrol prices in the country as a result of the most significant reduction in local sales tax or VAT, while the UT of Ladakh has seen the largest reduction in diesel rates for the same reason.

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