Petrol and diesel prices held steady on June 23, as per the latest price notification issued by fuel retailers. Prices have remained unchanged ever since the government on May 21 cut the excise duty on petrol by Rs 8 a litre and on diesel by Rs 6 a litre.
The duty cut brought down the petrol price in Delhi by Rs 9.5 a litre and Rs 7 a litre for diesel. Petrol in Delhi costs Rs 96.72 and diesel Rs 89.62.
In Mumbai, petrol is selling at Rs 111.35 and diesel at Rs 97.28. Petrol and diesel prices are Rs 102.63 and Rs 94.24 per in Chennai, while in Kolkata, petrol is at Rs 106.03 and diesel at Rs 92.76.
Oil marketing companies are incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel as they pass on the excise duty cut to consumers in India, which meets 80 percent of its fuel needs through imports.
Biden calls for 3-month suspension of gas and diesel taxes
Petrol & Diesel Rates Jun 24, 2022
President Joe Biden on Wednesday called on Congress to suspend federal gasoline and diesel taxes for three months an election-year move meant to ease financial pressures that was greeted with doubts by many lawmakers, the Reuters reported.
The Democratic president also called on states to suspend their own gas taxes or provide similar relief and delivered a public critique of the energy industry for prioritizing profits over production. Still, his announcement depends on the actions of lawmakers in Washington and in statehouses across the country to actually bring relief to consumers, the report added.
"It doesn't reduce all the pain but it will be a big help," Biden said, using the bully pulpit when his administration believes it has run out of direct levers to pull to address soaring gas prices. "Im doing my part. I want Congress, states and industry to do their part as well, the Reuters Reported.
At issue is the 18.4 cents-a-gallon federal tax on gas and the 24.4 cents-a-gallon federal tax on diesel fuel. If the gas savings were fully passed along to consumers, people would save roughly 3.6% at the pump when prices are averaging about $5 a gallon nationwide, it added.
Biden's push faces uphill odds in Congress, which must act in order to suspend the tax, and where many lawmakers, including some in his own party, have expressed reservations. Even many economists view the idea of a gas tax holiday with skepticism, the report said.