Gasoline and diesel prices are reduced ₹9.5 per liter and ₹7 per liter respectively.
The central government on Saturday night announced a high excise tax on gasoline and diesel to make it easier for motorists and ordinary people. Finance Minister Nirmala Sitharaman has announced that the government has reduced excise taxes on petrol and diesel ₹8 per liter and ₹6 per liter respectively. As a result, gasoline and diesel fuel have become cheaper across India ₹9.5 per liter and ₹7 per liter respectively. At the same time, prices for gasoline and diesel fuel fell on May 22 after remaining unchanged for the past 45 days.
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The announcement by Finance Minister Nirmala Sitharaman came at a time when retail inflation in April 2022 had reached an eight-year high caused by rising fuel prices. After a four-and-a-half-month hiatus, gasoline and diesel prices began to rise again in March this year, putting pressure on motorists as well as ordinary people. The government got fire for it. In this situation, the announcement of a reduction in excise duty becomes a serious relief for both motorists and non-motorists.
After the fall in gasoline prices in Delhi on Sunday remains at the level ₹96.72 liters against ₹On Saturday 105.41 liters, and diesel is worth ₹89.62 liters as opposed to ₹96.67 on Saturday. In Mumbai, one liter of gasoline costs ₹111.35 and a liter of diesel costs ₹97.28. In Chennai prices for gasoline and diesel ₹102.65 and ₹94.24 per liter respectively. Gasoline prices in Kolkata ₹106.03 and diesel costs ₹92.76 liters. In Bangalore, one liter of gasoline costs ₹101.94 and one liter of diesel costs ₹87.89. In Gurugram one liter of gasoline costs ₹97.81 and ₹90.05 per liter of diesel fuel.
Excise taxes on gasoline and diesel were reduced earlier in early November last year. The government has announced a reduction in excise taxes ₹5 per liter for gasoline and ₹10 per liter for diesel. Now, with the recent reduction in excise taxes, the overall tax cut on petrol and diesel is becoming ₹13 per liter and ₹16 per liter respectively.
The central government has increased taxes on gasoline to the highest level ₹32.9 per liter in 2020, while taxes on diesel were also increased to ₹31.8 per liter. With the latest tax cuts the central gasoline tax is reduced to ₹19.9 liters and ₹15.8 liters on diesel. Raising excise taxes in 2020 raised central taxes on gasoline to the highest level ₹32.9 per liter and that of diesel up ₹31.8 liters. After the last reduction in excise taxes, the fall in the central tax on gasoline will decrease ₹19.9 liters and then diesel to ₹15.8 per liter.
Date of first publication: 9:22 AM IST on May 22, 2022
https://auto.hindustantimes.com/auto/cars/petrol-and-diesel-prices-slashed-substantially-bringing-major-relief-41653191275554.html
