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Petrol, Diesel prices slashed for 2nd time in 2021, more details here

These reductions in fuel prices come the second day in a row. The retail price of petrol and diesel was cut by 18 paise and 17 paise on March 24 respectively.

Representative Image (Picture Courtesy: ANI)

New Delhi: Petrol and Diesel prices in the country were slashed a second time this year on Thursday. After a fall in global crude oil prices, the State-run oil marketing companies reduced the petrol prices by 21 paise and diesel prices by 20 paise on March 25, 2021.

Following the reduction today, the petrol prices in the national capital are Rs 90.78/litre while the diesel cost Rs 81.10 per litre. Here are the price rates in other metropolitans of the country:

City  Petrol (Rs/litre)  Diesel (Rs/litre)
 Delhi 90.78  81.10
 Mumbai 97.19 88.20
 Kolkata 90.98 83.98
 Chennai 92.77 86.10

Source: Indian Oil

These reductions in fuel prices come a second day in a row. The retail price of petrol and diesel was cut by 18 paise and 17 paise on March 24 respectively.

Fuel prices hit record highs last month when prices continued to increase for 12 consecutive days in the national capital region till February 20. Then the prices saw a staggering increase, with the last revision on March 16. This led to prices shooting to Rs 100 per litre in Madhya Pradesh and Rajasthan. The prices have been on freeze since February-end when Election Commission announced the poll dates for the five states.

The price comes after international prices tumbled and have remained below $60/barrel. The second wave of COVID-19 infection in the country has clouded the prospect of speedy recovery of oil consumption.

Rates will vary across the country and depending on the local incidence of taxation (VAT) levied by state governments.

As per Budget estimates for FY 2021-22, the Centre is estimated to collect Rs 3.61 lakh crore as ‘Union Excise Duties’, as against Rs 2.67 lakh crore it collected in FY 20. Fuel taxes in India are among the highest in the world as collectively excise and state taxes (VAT) account for more than 60 per cent of fuel retail price.

Union Finance Minister Nirmala Sitharaman during her budget speech announced Agriculture Infrastructure and Development Cess (AIDC) of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel.

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