Petrol and diesel price today: Prices of petrol and diesel were kept unchanged for the fourth consecutive day on Monday, November 8, 2021. The fuel prices were last revised on Thursday (November 4) after the central government cut the excise duty on the two key fuels to bring down their retail rates from record highs.
The price of petrol in Delhi stands at Rs 103.97 per litre while that of diesel is at Rs 86.67. In Mumbai, petrol currently costs Rs 109.98, while diesel is retailing at Rs 94.14, data available on Indian Oil Corporation’s website showed.
Last week, the Finance Ministry on Wednesday had announced a Rs 5 per litre cut in excise duty on petrol and a Rs 10 per litre cut in excise duty on diesel. Amid record-high fuel prices, this is the first cut in central excise duties in over three years. The cut in duties brings the total excise duty on petrol down to Rs 27.9 per litre from Rs 32.9 litre and that on diesel to Rs 21.8 litre from Rs 31.8 per litre.
Reducing the excise duty, the centre also urged state governments to commensurately reduce VAT on petrol and diesel to give relief to consumers. Several states have announced a further reduction on Value Added Tax (VAT) on both petrol and diesel.
Auto fuel prices in the country differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.
OMCs revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.
In the global market, oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand, while Saudi Arabia’s state-owned producer Aramco raised the official selling price for its crude, news agency Reuters reported.
Brent crude was up by 86 cents (1 per cent) at $83.60 a barrel by 0745 GMT, after dropping nearly 2 per cent last week. US oil gained 89 cents (1.1 per cent) to $82.16, having declined almost 3 per cent through Friday, the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Monday, November 8, 2021:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|