The central government on Monday (April 7) announced an increase in excise duties on petrol and diesel by Rs 2 per litre, effective Tuesday (April 8), as per a notification issued by the Department of Revenue. Currently, excise duty on petrol stands at Rs 19.90 per litre, which will rise to Rs 21.90. For diesel, the duty will increase from Rs 15.80 to Rs 17.80 per litre.
However, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri explained that the oil companies will absorb the hike, ensuring that retail fuel prices remain unchanged for consumers.
“Let me clarify upfront on the record, this will not be passed on to the consumer…The international price of crude came down to around $60 a barrel, but please remember that our oil marketing companies carry inventories over a 45-day period. If you go back to January, the crude price then was $83, which came down subsequently to $75. So the crude inventory that they’re carrying is at $75 on average per barrel…You can legitimately expect prices of petrol and diesel to be moderated by the oil marketing companies in keeping with the global price. In a deregulated sector, you can expect them to accordingly adjust the market retail price,” Puri said.
Latest petrol rates in metro cities
Mumbai: Petrol price: Rs 103.50 per litre
New Delhi: Petrol price: Rs 94.77 per litre
Chennai: Petrol price: Rs 100.80 per litre
Bangalore: Petrol price: Rs 102.98 per litre
Hyderabad: Petrol price: Rs 107.46 per litre
Check the Petrol prices in other cities
Latest diesel rates in metro cities
Mumbai: Diesel price: Rs 90.03 per litre
New Delhi: Diesel price: Rs 87.67 per litre
Chennai: Diesel price: Rs 92.39 per litre
Bangalore: Diesel price: Rs 88.99 per litre
Hyderabad: Diesel price: Rs 95.70 per litre