Petrol Diesel Update Today: Petrol prices may see Rs 5 cut per litre
The ministry has said that the excise duty reduction has given a big relief to the public. If this happens, the price of petrol can be reduced by about 5 rupees.
New Delhi: After increasing the prices of petrol and diesel for two consecutive days, now relief is given. Today, Friday, January 08 there has been no change in fuel prices. The good news for the public is that petrol prices can be reduced by Rs 5 per liter.
Decrease in Price of Petrol:
The Petroleum Ministry has recommended the government to give relief to the increased prices of petrol and diesel. The ministry has said that the excise duty reduction has given a big relief to the public. If this happens, the price of petrol can be reduced by about 5 rupees.
50 percent cut
At the same time, the Ministry has said that the people can be given great relief by cutting excise duty. If the excise duty on petrol and diesel is increased by 50 per cent, then the price of petrol can be reduced by Rs 5 per liter.
The government had increased excise duty on petrol by Rs 10 during the lockdown. If the excise duty is cut, then the states will get cooperation to provide full benefits to the consumers. The ministry says that apart from reduction in excise duty, VAT can be asked and oil companies can also be asked to bear some burden.
Petrol diesel prices start increasing
Crude oil prices are increasing rapidly in the global market. For this reason, domestic oil marketing companies have also started raising prices of petrol diesel after 29 days. The reason for this is the reduction in crude production in OPEC countries.
The actual price of petrol in Delhi at Rs 84.20 per liter is just 26 per cent. The central government charges 125 per cent of this base price i.e. Rs 32.98 and Rs 19 as tax. The remaining Rs 6.22 per liter is the profit of dealers and companies.