The diesel and petrol prices have not been changed by the state-run oil marketing companies for almost a week now.
The prices of diesel and petrol have not been changed by the state-run oil marketing companies for almost a week now. The prices have been kept unchanged for sixth day in a row on Monday. The oil companies generally change fuel prices on a daily basis in line with fluctuations in the global fuel prices and exchange rates. On Monday, the petrol prices are at Rs 74.63 per litre in Delhi, Rs 77.32 per litre in Kolkata, Rs 82.48 per litre in Mumbai and Rs 77.43 per litre in Chennai, according to Indian Oil Corporation. Diesel prices are at Rs 65.93 per litre, Rs 68.63 per litre, Rs 70.2 per litre and Rs 69.56 per litre, according to the website.
The prices of petrol have been highest in the last 4 years and seven months in Delhi and Mumbai. The diesel prices are also hovering at their record highs. In the month of April, the prices of petrol climbed by Rs 1.08 per litre in Delhi, Rs. 1.06 per litre in Kolkata, Rs. 1.07 per litre in Mumbai and Rs. 1.14 per litre in Chennai, respectively, according to the Indian Oil website.
During the same period, the diesel prices observed an increase of Rs 1.53 per litre, Rs 1.54 per litre, Rs 1.62 per litre and Rs 1.63 per litre, respectively.
The increase in diesel and petrol prices have raised demands for excise duty cut. However, the Finance Ministry has so far ignored such calls. Among the South Asian nations, India has the highest retail prices for petrol and diesel. In India, taxes account for half of the oil pump rates. In order to shore up finances in wake of fall in global oil prices, Finance Minister Arun Jaitley hiked excise duty nine times between November 2014 and January 2016. In October last year, the tax on fuel was just cut by Rs 2 per litre.
This October last year cut in duty cost the central government government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year.