Fuel prices fall for the fifth day in a row; gasoline now Rs 75.69 in Delhi, Rs 83.30 in Mumbai
Fuel prices continued to drop or stagnate from May 30th. On Sunday, oil prices across the country were reduced from 14-17 paise, while diesel dropped 7 paise.
Gasoline and diesel prices fell for the fifth consecutive day today. After a fall in prices, Delhi’s petrol prices dropped to Rs 75.69, while in Mumbai gas prices fell from 14 pence to Rs 83.30 in Kolkata and Chennai. also, gasoline prices fell by 10 pence to 78.37 and 78.55 rupees. Fuel prices had reached a record high before witnessing a fall of 1 paisa on May 30th. The government and the oil companies brutally mocked the cut of 1-paisa. However, fuel prices continued to fall or stagnate. On Sunday, oil prices across the country were reduced from 14-17 paise, while diesel dropped 7 paise.
Diesel prices have also been reduced from 10 to Mumbai, 6 to Delhi and Kolkata and 7 to Chennai. A liter of diesel in Delhi costs Rs 67.48, Rs 70.03 in Calcutta, Rs 71.66 in Mumbai and Rs 71.22 in Chennai.
These rates will be applicable the day after which the new rates will be applicable from 6 am tomorrow. The decline in fuel prices is due to the downward trend in world prices for crude oil.
Although prices began to fall only after May 30, they were frozen for 19 days between April 24 and May 13 during the Karnataka election campaign. According to reports, oil companies lost 500 rupees during this period.
People have debated the idea of reducing fuel prices to the scope of the GST because of high prices. The Center currently levies a total of 19.48 rupees per liter of excise duty on gasoline and 15.33 rupees per liter on diesel fuel. In addition to this, states levy value-added tax (VAT) – the lowest being in the Andaman and Nicobar Islands where a 6% sales tax is charged on fuel.
However, a government representative stated that there is no pure GST on gasoline and diesel anywhere in the world and that this may not be the case in India as well. It is likely to be a combination of GST and VAT, said the official. But before both fuels are subject to the GST, the Center must decide whether to abandon the Rs. 20,000 tax credit it currently consumes by keeping gasoline, diesel, natural gas, jet fuel and crude oil out of the goods. and Service Tax (GST) that came into effect on July 1, 2017, as mentioned by the grievor.