Petrol, diesel prices cut for second straight day

Updated : March 25, 2021 08:39:28 IST

The oil marketing companies (OMCs) slashed fuel prices across the four metros for the second straight day on Thursday.

Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).

The oil marketing companies (OMCs) slashed fuel prices across the four metros for the second straight day on Thursday.

While the petrol price was cut by 21 paise per litre, diesel rates were reduced by 20 paise a litre in the national capital. Accordingly, petrol now comes for Rs 90.78 a litre in Delhi, according to a price notification of state-owned fuel retailers. Diesel now comes for Rs 81.10 a litre in the national capital, down from Rs 81.30 previously.

In Mumbai, petrol comes for Rs 97.19 a litre and diesel for Rs 88.20 a litre.

Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).

The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.

The fuel prices vary from state to state in the country due to the value-added tax or VAT.

Meanwhile, BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states, according to news agency PTI.

Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Sushil Modi was quoted as saying in the Rajya Sabha while participating in a discussion on the Finance Bill 2021.

On the global front, oil prices skidded around 2 percent on Thursday as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal.

Brent crude futures slid $1.14, or 1.8 percent, to $63.27 a barrel at 0139 GMT, after jumping 6 percent overnight, as per Reuters report.

Published : March 25, 2021 08:35 AM IST

Petrol, diesel prices cut for second straight day

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